H.R. 2266 · 117th Congress
COLA Act of 2021
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
WalbergSponsorNo cosponsors.
Certainty for Older Living Americans Act of 2021 or the COLA Act of 2021
What it does: CRS summary · 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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: COLA Act of 2021
Also known as: Certainty for Older Living Americans Act of 2021
Latest action (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.
Policy area: Social Welfare · Origin: House · Introduced: Mar 26, 2021
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.