Members include both Republicans and Democrats who favor partially privatizing the federal retirement plan.
Democratic leaders oppose that idea.
The commission is to present its findings to Bush in the fall, and should include a plan to allow younger workers to invest a portion of their payroll taxes in private accounts, he said. Any recommendation would be subject to congressional approval. By 2016, Social Security is expected to start paying out more than it collects because of an influx of baby boom retirees. The fund will run out of cash after 2038. Bush has proposed salvaging the program by letting younger workers voluntarily invest some of their payroll taxes in private accounts.