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HR 7765 116th Congress House Social Welfare Inflation and prices Social security and elderly assistance

COLA Act of 2020

Introduced: July 23, 2020 Introduced by: Walberg, Tim Republican · Michigan See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 23, 2020
Referred to the Subcommittee on Social Security.
Jul 23, 2020
Referred to the House Committee on Ways and Means.
Jul 23, 2020
Introduced in House
 Plain-English summary Congressional Research Service

Certainty for Older Living Americans Act of 2020 or the COLA Act of 2020

This bill sets out an alternative method to calculate cost-of-living adjustments for Old-Age, Survivors, and Disability Insurance benefits and requires the Social Security Administration to use whichever method results in a greater increase each year.

The current method is based on the annual change in the Consumer Price Index for Urban Wage Earners and Clerical Workers, which may result in no or small increases to benefits in years with deflation or low inflation. The alternative method established by this bill is based on a 10-year average of cost-of-living adjustments.

What's happening now July 23, 2020

Referred to the Subcommittee on Social Security.

 Committees of jurisdiction 2