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HR 2266 117th Congress House Social Welfare Advisory bodies Congressional oversight Inflation and prices Social security and elderly assistance

COLA Act of 2021

Introduced: March 26, 2021 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
Mar 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.
Mar 26, 2021
Referred to the Subcommittee on Social Security.
Mar 26, 2021
Introduced in House
 Plain-English summary Congressional Research Service

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's happening now March 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.

 Committees of jurisdiction 3