COLA Act of 2021
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Mar 26, 2021)
Certainty for Older Living Americans Act of 2021 or the COLA Act of 2021
This bill sets out an alternative method to calculate cost-of-living adjustments for Social Security benefits.
The current method is based on the annual change in the Consumer Price Index for Urban Wage Earners and Clerical Workers, which results in no or small increases to benefits following a year with deflation or low inflation. The alternative method established by this bill is based on a 10-year average of cost-of-living adjustments. The Social Security Administration must use whichever method results in the larger increase for a given year.
In addition, the Department of Labor and the Department of Commerce must establish a working group to make recommendations on incorporating specified economic data when producing relevant consumer price indexes.
What just happenedMar 26, 2021
Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, 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.
Who’s behind it
- Introduced in HouseMar 26, 2021
- Mar 26, 2021IntroReferralH11100
Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, 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.
Education and the Workforce Committee - Mar 26, 2021IntroReferralH11100
Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, 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.
Ways and Means Committee - Mar 26, 2021Committee
Referred to the Subcommittee on Social Security.
Social Security Subcommittee - Mar 26, 2021IntroReferralIntro-H
Introduced in House
- Mar 26, 2021IntroReferral1000
Introduced in House