Delaney, Cole File Bipartisan Legislation to Create Social Security Commission

Press Release

Congressman John K. Delaney (MD-6) and Congressman Tom Cole (OK-4) have filed legislation to guarantee the long-term solvency of Social Security. The Social Security Commission Act of 2015 creates a bicameral and bipartisan commission that is designed to bring both parties and chambers of Congress together, along with the President, to ensure that Social Security is fully funded for decades to come. The commission created by the legislation is modelled on the 1983 Social Security Commission and would automatically produce an up or down vote in Congress.

According to the Social Security and Medicare Boards of Trustees 2014 Annual Report, absent policy changes, Social Security's combined trust funds will be exhausted in 2033.

"Social Security is a promise made to the American people, it's fundamental and essential. We need to protect and preserve Social Security for generations to come and that's the singular aim of this legislation, to guarantee Social Security keeps working for the next 75 years," said Congressman Delaney. "I am deeply concerned about the possibility of drastic cuts to benefits in the future, because the data in front of us is irrefutable. The Social Security Commission Act creates the bipartisan and bicameral process we need to guarantee that a healthy Social Security is waiting for our grandchildren. I am honored to work with Congressman Cole on this legislation."

"Throughout the entirety of their working life, every American contributes to Social Security and trusts in the promise of future benefits from the program later on in life. Unfortunately, Social Security is in grave danger," said Congressman Cole. "Without immediate changes that modernize the current system, Social Security will not be able to pay the benefits that American workers have earned and have come to rely upon. Rather than risk breaking the promise made to generations who have paid or will pay into the system, I am pleased to reintroduce bipartisan legislation today with Congressman Delaney that will hopefully result in common sense solutions for saving Social Security for future generations of retirees."

Source