Guaranteed COLA Act

Bill: 115-hr-3614
Sponsor: full_name: Rep. Poliquin, Bruce [R-ME-2]
Introduced: 2017-07-28
Policy area: Government Operations and Politics
Subjects: Government buildings, facilities, and property

Inflation and prices

Military personnel and dependents

Social security and elderly assistance

Veterans' pensions and compensation
Latest action: action_date: 2017-10-17
text: Referred to the Subcommittee on Military Personnel.

Summaries:
action_date: 2017-07-28
action_desc: Introduced in House
text: <p><b>Guaranteed COLA Act</b></p> <p><strong></strong></p> <p>This bill directs the General Services Administration (GSA) to sell buildings owned by the federal government that are not utilized. GSA must identify all such buildings and sell them not later than five years after they have been identified. The bill exempts buildings that have been set aside for preservation or historic purposes. </p> <p>The bill requires the net revenues from the sale of such buildings to be made available to increase the cost-of-living adjustments to: (1) social security retirement benefits, and (2) retirement benefits for members and former members of the Armed Forces. </p>

tv_txt: I 115th CONGRESS 1st Session H. R. 3614 IN THE HOUSE OF REPRESENTATIVES July 28, 2017 Mr. Poliquin introduced the following bill; which was referred to the Committee on Oversight and Government Reform , and in addition to the Committees on Ways and Means , and Armed Services , 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 direct the Administrator of General Services to establish a program to sell Federal buildings that are not utilized to provide revenue for increases in Social Security benefits and military retirement pay, and for other purposes.

1. Short title This Act may be cited as the Guaranteed COLA Act . 2. Certain building sales (a) Establishment of program The Administrator of General Services shall establish a program under which the Administrator shall sell all Federal buildings that are not utilized by the Federal Government. (b) Identification of buildings (1) Initial identification Not later than 1 year after the date of enactment of this Act, the Administrator shall make an initial identification of all buildings owned and not utilized by the Federal Government. (2) Regular identification After the date on which the Administrator makes the initial identification under paragraph (1), the Administrator shall identify on a continuing basis any building owned and not utilized by the Federal Government that was not included in such initial identification. (c) Sale required Not later than 5 years after a building is identified under subsection (b), the Administrator, notwithstanding any other provision of law and to the extent practicable, shall complete a sale of— (1) such building; and (2) the land relevant to such building. (d) Limitation The Administrator shall not sell a building identified under subsection (b) if the building, or the land relevant to such building, has been set aside for preservation or historic purposes. (e) Revenues from sale Notwithstanding any other provision of law, the revenue from a sale under subsection (c), after payment of any costs related to the sale, shall be made available only for the following: (1) To increase benefits under title II of the Social Security Act, effective with the month of December 2017, by applying section 215(i) of such Act as if the applicable increase percentage with respect to the base quarter in 2017 (as determined under such section without regard to this paragraph) is increased by an additional 1.5 percentage points. (2) Effective December 1, 2017, to make the cost-of-living adjustment to the retired pay of members and former members of the Armed Forces pursuant to section 1401a of title 10, United States Code, as if the applicable percentage of the increase calculated under subsection (b)(2) of such section (without regard to this paragraph) is increased by an additional 1.5 percentage points.