Social Security Cost of Living Increase Act of 2023

Bill: 118-hr-1688
Sponsor: full_name: Rep. Smith, Christopher H. [R-NJ-4]
Introduced: 2023-03-21
Policy area: Social Welfare
Subjects: Government information and archives

Inflation and prices

Social security and elderly assistance
Latest action: action_date: 2024-12-17
text: Referred to the Subcommittee on Social Security.

Summaries:
action_date: 2023-03-21
action_desc: Introduced in House
text: <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>

tv_txt: I 118th CONGRESS 1st Session H. R. 1688 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.

1. Short title This Act may be cited as the Social Security Cost of Living Increase Act of 2023 . 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.