SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Cost-of-Living Board Act of 1997''.

SEC. 2. COST-OF-LIVING ADJUSTMENTS.

    Title XI of the Social Security Act (42 U.S.C. 1301 et seq.) is 
amended by adding at the end the following:

                   Part D--Cost-of-Living Adjustments

                ``determination of inflation adjustment

    ``Sec. 1180. (a) In General.--The Cost-of-Living Board established 
under section 1181 shall each calendar year after 1996 attempt to 
determine a single percentage increase or decrease in the cost-of-
living which shall apply to any cost-of-living adjustment taking effect 
during the next calendar year.
    ``(b) Adoption or Rejection of Percentage.--
            ``(1) Adoption.--
                    ``(A) In general.--If the Cost-of-Living Board 
                adopts by majority vote a single percentage increase or 
                decrease under subsection (a), then, notwithstanding 
                any other provision of law, any cost-of-living 
                adjustment to take effect during the following calendar 
                year shall be made by using such percentage and not by 
                using the change in the Consumer Price Index (or any 
                component thereof).
                    ``(B) Appropriate modifications.--The Cost-of-
                Living Board shall make appropriate modifications to 
                the single percentage applied to any cost-of-living 
                adjustment if--
                            ``(i) the period during which the change in 
                        the cost-of-living is measured for such 
                        adjustment is different than the period used by 
                        the Cost-of-Living Board; or
                            ``(ii) the adjustment is based on a 
                        component of an index rather than the entire 
                        index.
            ``(2) Rejection.--If the Cost-of-Living Board fails by 
        majority vote to adopt a single percentage increase or decrease 
        under subsection (a) for any calendar year, then any cost-of-
        living adjustment to take effect during the following calendar 
        year shall be determined without regard to this part.
    ``(c) Report.--Not later than November 1 of each year, the Cost-of-
Living Board shall submit a report to the President and Congress 
containing a detailed statement with respect to--
            ``(1) the percentage (if any) agreed to by the Board under 
        subsection (a); and
            ``(2) the decision of the Board on whether or not to adopt 
        such a percentage.
    ``(d) Judicial Review.--Any determination by the Cost-of Living 
Board under subsection (a) or (b)(1)(B) shall not be subject to 
judicial review.
    ``(c) Definition of Cost-of-Living Adjustment.--In this part, the 
term `cost-of-living adjustment' means any adjustment under any of the 
following which is determined by reference to any Consumer Price Index 
(or any component thereof):
            ``(1) The Internal Revenue Code of 1986.
            ``(2) Titles II, XVI, XVIII, and XIX of this Act.
            ``(3) Any other Federal program.

                         ``cost-of-living board

    ``Sec. 1181. (a) Establishment of Board.--
            ``(1) Establishment.--There is established a board to be 
        known as the Cost-of-Living Board (in this section referred to 
        as the `Board').
            ``(2) Membership.--
                    ``(A) Composition.--The Board shall be composed of 
                5 members of whom--
                            ``(i) 1 shall be the Chairman of the Board 
                        of Governors of the Federal Reserve System;
                            ``(ii) 1 shall be the Chairman of the 
                        President's Council of Economic Advisers; and
                            ``(iii) 3 shall be appointed by the 
                        President, by and with the advice and consent 
                        of the Senate.
                The President shall consult with the leadership of the 
                House of Representatives and the Senate in the 
appointment of the Board members under clause (iii).
                    ``(B) Expertise.--The members of the Board 
                appointed under subparagraph (A)(iii) shall be experts 
                in the field of economics and should be familiar with 
                the issues related to the calculation of changes in the 
                cost of living. In appointing members under 
                subparagraph (A)(iii), the President shall consider 
                appointing--
                            ``(i) former members of the President's 
                        Council of Economic Advisers;
                            ``(ii) former Treasury department 
                        officials;
                            ``(iii) former members of the Board of 
                        Governors of the Federal Reserve System;
                            ``(iv) other individuals with relevant 
                        prior government experience in positions 
                        requiring appointment by the President and 
                        Senate confirmation; and
                            ``(v) academic experts in the field of 
                        price statistics.
                    ``(C) Date.--
                            ``(i) Nominations.--Not later than 30 days 
                        after the date of enactment of the Cost of 
                        Living Board Act of 1997, the President shall 
                        submit the nominations of the members of the 
                        Board described in subparagraph (A)(iii) to the 
                        Senate.
                            ``(ii) Senate action.--Not later than 60 
                        days after the Senate receives the nominations 
                        under clause (i), the Senate shall vote on 
                        confirmation of the nominations.
            ``(3) Terms and vacancies.--
                    ``(A) Terms.--A member of the Board appointed under 
                paragraph (2)(A)(iii) shall be appointed for a term of 
                5 years, except that of the members first appointed 
                under that paragraph--
                            ``(i) 1 member shall be appointed for a 
                        term of 1 year;
                            ``(ii) 1 member shall be appointed for a 
                        term of 3 years; and
                            ``(iii) 1 member shall be appointed for a 
                        term of 5 years.
                    ``(B) Vacancies.--
                            ``(i) In general.--A vacancy on the Board 
                        shall be filled in the manner in which the 
                        original appointment was made and shall be 
                        subject to any conditions which applied with 
                        respect to the original appointment.
                            ``(ii) Filling unexpired term.--An 
                        individual chosen to fill a vacancy shall be 
                        appointed for the unexpired term of the member 
                        replaced.
                    ``(C) Expiration of terms.--The term of any member 
                appointed under paragraph (2)(A)(iii) shall not expire 
                before the date on which the member's successor takes 
                office.
            ``(4) Initial meeting.--Not later than 30 days after the 
        date on which all members of the Board have been appointed, the 
        Board shall hold its first meeting. Subsequent meetings shall 
        be determined by the Board by majority vote.
            ``(5) Open meetings.--Notwithstanding section 552b of title 
        5, United States Code, or section 10 of the Federal Advisory 
        Committee Act (5 U.S.C. App.), the Board may, by majority vote, 
        close any meeting of the Board to the public otherwise required 
        to be open under that section. The Board shall make the records 
        of any such closed meeting available to the public not later 
        than 30 days of that meeting.
            ``(6) Quorum.--A majority of the members of the Board shall 
        constitute a quorum, but a lesser number of members may hold 
        hearings.
            ``(7) Chairperson and vice chairperson.--The Board shall 
        select a Chairperson and Vice Chairperson from among the 
        members appointed under paragraph (2)(A)(iii).
    ``(b) Powers of the Board.--
            ``(1) Hearings.--The Board may hold such hearings, sit and 
        act at such times and places, take such testimony, and receive 
        such evidence as the Board considers advisable to carry out the 
        purposes of this part.
            ``(2) Information from federal agencies.--The Board may 
        secure directly from any Federal department or agency such 
        information as the Board considers necessary to carry out the 
        provisions of this part, including the published and 
        unpublished data and analytical products of the Bureau of Labor 
        Statistics. Upon request of the Chairperson of the Board, the 
        head of such department or agency shall furnish such 
        information to the Board.
            ``(3) Postal services.--The Board may use the United States 
        mails in the same manner and under the same conditions as other 
        departments and agencies of the Federal Government.
            ``(4) Gifts.--The Board may accept, use, and dispose of 
        gifts or donations of services or property.
    ``(c) Board Personnel Matters.--
            ``(1) Compensation of members.--Each member of the Board 
        who is not otherwise an officer or employee of the Federal 
        Government shall be compensated at a rate equal to the daily 
        equivalent of the annual rate of basic pay prescribed for level 
        III of the Executive Schedule under section 5315 of title 5, 
        United States Code, for each day (including travel time) during 
        which such member is engaged in the performance of the duties 
        of the Board. All members of the Board who otherwise are 
        officers or employees of the United States shall serve without 
        compensation in addition to that received for their services as 
        officers or employees of the United States.
            ``(2) Travel expenses.--The members of the Board shall be 
        allowed travel expenses, including per diem in lieu of 
        subsistence, at rates authorized for employees of agencies 
        under subchapter I of chapter 57 of title 5, United States 
        Code, while away from their homes or regular places of business 
        in the performance of services for the Board.
            ``(3) Staff.--
                    ``(A) In general.--The Chairperson of the Board 
                may, without regard to the civil service laws and 
                regulations, appoint and terminate an executive 
                director and such other additional personnel as may be 
                necessary to enable the Board to perform its duties. 
                The employment of an executive director shall be 
                subject to confirmation by the Board.
                    ``(B) Compensation.--The Chairperson of the Board 
                may fix the compensation of the executive director and 
                other personnel without regard to the provisions of 
                chapter 51 and subchapter III of chapter 53 of title 5, 
                United States Code, relating to classification of 
                positions and General Schedule pay rates, except that 
                the rate of pay for the executive director and other 
                personnel may not exceed the rate payable for level IV 
                of the Executive Schedule under section 5316 of such 
                title.
            ``(4) Detail of government employees.--Any Federal 
        Government employee may be detailed to the Board without 
        additional reimbursement (other than the employee's regular 
        compensation), and such detail shall be without interruption or 
        loss of civil service status or privilege.
            ``(5) Procurement of temporary and intermittent services.--
        The Chairperson of the Board may procure temporary and 
        intermittent services under section 3109(b) of title 5, United 
        States Code, at rates for individuals which do not exceed the 
        daily equivalent of the annual rate of basic pay prescribed for 
        level V of the Executive Schedule under section 5316 of such 
        title.
    ``(d) Termination.--Section 14 of the Federal Advisory Committee 
Act (5 U.S.C. App.) shall not apply to the Board.
    ``(e) Authorization of Appropriations.--There are authorized to be 
appropriated to the Board such sums as are necessary to carry out the 
purposes of this part.''.
Cost-of-Living Board Act of 1997 - Amends title XI of the Social Security Act (SSA) to establish the Cost-of-Living Board, composed of the Chairman of the Board of Governors of the Federal Reserve System, the Chairman of the President's Council of Economic Advisers, and three other members appointed by the President, to:  (1) attempt each calendar year to determine a single percentage increase or decrease in the cost-of-living which shall apply to any cost-of-living adjustment which is determined by reference to any Consumer Price Index and taking effect during the next calendar year under the Internal Revenue Code and SSA titles II (Old Age, Survivors and Disability Insurance), XVI (Supplemental Security Income), XVIII (Medicare), and XIX (Medicaid); and (2) report to the President and the Congress on such adjustment.  Authorizes appropriations.
Cost-of-Living Board Act of 1997