Inflation Transparency for Seniors Act

Bill: 117-hr-5980
Sponsor: full_name: Rep. Stauber, Pete [R-MN-8]
Introduced: 2021-11-15
Policy area: Social Welfare
Latest action: action_date: 2021-11-15
text: Referred to the Subcommittee on Social Security.

Summaries:
action_date: 2021-11-15
action_desc: Introduced in House
text: <p><strong>Inflation Transparency for Seniors Act</strong></p> <p>This bill requires the Social Security Administration (SSA) to include information about specified consumer price indexes and their effects on Social Security benefits in account statements.</p> <p>Specifically, the SSA must (1) include the most recent 10-year projections of the Consumer Price Index for All Urban Consumers, and (2) explain that cost-of-living increases for Social Security benefits are calculated using the Consumer Price Index for Urban Wage Earners and Clerical Workers.</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 5980 IN THE HOUSE OF REPRESENTATIVES November 15, 2021 Mr. Stauber (for himself and Mr. Tiffany ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend title XI of the Social Security Act to require social security account statements to include 10-year projections of the Consumer Price Index for All Urban Consumers, and for other purposes.

1. Short title This Act may be cited as the Inflation Transparency for Seniors Act . 2. Projections to be included in social security account statements Section 1143(a)(2) of the Social Security Act is amended— (1) in subparagraph (D), by striking and at the end; (2) in subparagraph (E), by striking the period at the end and inserting ; and ; and (3) by adding at the end the following: (F) The most recent 10-year projections, as of the date of the request, of the Consumer Price Index for All Urban Consumers (CPI–U), as such projections are published by the Congressional Budget Office, and an explanation that future cost-of-living benefit increases will be calculated based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI–W) and that such projections are not intended to reflect such benefit increases. .