Social Security Cost of Living Increase Act of 2023

Subjects: Social Welfare, Government information and archives, Inflation and prices, Social security and elderly assistance

Summary:  <p><strong>Social Security Cost of Living Increase Act of 2023</strong></p> <p>This bill bases cost-of-living adjustments for Social Security benefits on a price index that tracks the spending patterns of older consumers. The Bureau of Labor Statistics of the Department of Labor must publish that price index on a monthly basis.</p>

<html><body><pre>[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1688 Introduced in House (IH)]

&lt;DOC&gt;






118th CONGRESS
  1st Session
                                H. R. 1688

  To provide an emergency cost-of-living increase for social security 
                 beneficiaries, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 21, 2023

   Mr. Smith of New Jersey introduced the following bill; which was 
  referred to the Committee on Ways and Means, and in addition to the 
     Committee on Education and the Workforce, for a period to be 
subsequently determined by the Speaker, in each case for consideration 
  of such provisions as fall within the jurisdiction of the committee 
                               concerned

_______________________________________________________________________

                                 A BILL


 
  To provide an emergency cost-of-living increase for social security 
                 beneficiaries, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Social Security Cost of Living 
Increase Act of 2023''.

SEC. 2. COMPUTATION OF COST-OF-LIVING INCREASES BASED ON CONSUMER PRICE 
              INDEX FOR ELDERLY CONSUMERS.

    (a) In General.--Section 215(i)(1) of the Social Security Act (42 
U.S.C. 415(i)(1)) is amended by adding at the end the following new 
subparagraph:
            ``(H) the term `Consumer Price Index' means the Consumer 
        Price Index for Elderly Consumers (CPI-E, as published by the 
        Bureau of Labor Statistics of the Department of Labor).''.
    (b) Application to Pre-1979 Law.--
            (1) In general.--Section 215(i)(1) of the Social Security 
        Act as in effect in December 1978, and as applied in certain 
        cases under the provisions of such Act as in effect after 
        December 1978, is amended by adding at the end the following 
        new subparagraph:
            ``(D) the term `Consumer Price Index' means the Consumer 
        Price Index for Elderly Consumers (CPI-E, as published by the 
        Bureau of Labor Statistics of the Department of Labor).''.
            (2) Conforming change.--Section 215(i)(4) of the Social 
        Security Act (42 U.S.C. 415(i)(4)) is amended--
                    (A) by striking ``and by section 9001'' and 
                inserting ``, section 9001''; and
                    (B) by inserting ``and section 3 of the Social 
                Security Cost of Living Increase Act of 2023,'' after 
                ``1986,''.
    (c) Publication of Consumer Price Index for Elderly Consumers.--The 
Bureau of Labor Statistics of the Department of Labor shall prepare and 
publish the index authorized by section 191 of the Older Americans 
Amendments Act of 1987 (29 U.S.C. 2 note) for each calendar month, 
beginning with the date of enactment of this Act, and such index shall 
be known as the ``Consumer Price Index for Elderly Consumers''.
    (d) Effective Date.--The amendments made by subsection (a) shall 
apply to determinations made with respect to cost-of-living computation 
quarters (as defined in section 215(i)(1)(B) of the Social Security Act 
(42 U.S.C. 415(i)(1)(B))) ending on or after September 30, 2024.
                                 &lt;all&gt;
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