Cole, Suozzi Introduce Bipartisan Social Security Commission Act

FOR IMMEDIATE RELEASE | CONTACT: Olivia Porcaro 202-225-6165

Washington, D.C. - This week, Representative Tom Cole (OK-04) and Representative Tom Suozzi (NY-03) introduced the Bipartisan Social Security Commission Act, which Rep. Cole has led or co-led for seven Congresses now. This legislation addresses the long-term solvency of Social Security by creating a bipartisan, independent commission made up of thirteen members appointed by the President and Congressional leaders in both parties.

The Social Security and Medicare Boards of Trustees are expected to release their 2026 Annual Report shortly. That report will project the year during which Social Security's trust funds will be exhausted and the extent of the automatic, across-the-board benefit cut that would follow. Reps. Cole and Suozzi's bill would combat this looming issue and ensure that Social Security is fully funded for decades to come.

After introducing the legislation, Reps. Cole and Suozzi released the following statements:

"I am going to tell you the truth that many of my fellow politicians in Washington refuse to acknowledge: the solvency of Social Security is at a critical point, and millions of Americans who have paid into this program throughout their working lives may not receive the money they deserve. Therefore, doing nothing on Social Security is not an option," said Rep. Cole. "As a Congress, we must act. The Bipartisan Social Security Commission Act will allow us to find commonsense solutions to ensure the long-term survival of this program. I am proud to join Representative Suozzi in the reintroduction of this important legislation, as Social Security is a promise we have made to American seniors that we must keep."

"Social Security is a promise we make to our seniors, and we cannot afford to wait until the program reaches insolvency to act. Everyone knows Social Security faces serious long-term challenges, but too often Washington chooses to ignore them," said Rep. Suozzi. "We owe it to current and future retirees to set partisan politics aside and develop responsible solutions that protect and strengthen the program. This bipartisan commission would be required to produce a proposal to address social security insolvency within one year. It is an important and urgent step toward getting the job done."

Background:

Modeled after the 1983 Social Security Commission, H.R. 9187 would create a bicameral and bipartisan commission entrusted with the task of saving Social Security. Specifically, the legislation would provide for the following:

• 13-member commission, the Commission on Long Term Social Security Solvency, with 8 members appointed by leadership from both parties in the House and Senate (two appointees from each party's leader in each chamber). The remaining 4 members of the commission will be appointed by the Chair and Ranking Member of the House and Senate committees with jurisdiction over Social Security. These are the House Committee on Ways and Means and the Senate Finance Committee. Two of the congressional appointees must be non-elected experts.
• The commission is chaired by the thirteenth appointee, named by the President. The President's appointee means that the President's party would appoint seven members, the other party appointing six.
• Within one year of the first meeting, the commission must report to Congress on the 75-year health of Social Security and provide recommendations for how to improve the program.
• The commission's report must have a minimum of nine votes, guaranteeing a bipartisan consensus.
• The legislation based on the commission's plan would then receive expedited consideration in Congress for an up and down vote.

Pubic Support:

This legislation has received praise from experts at many organizations including the Bipartisan Policy Action Center, the Peterson Solutions Fund, the Committee for a Responsible Federal Budget, Concord Action, the American Action Forum, the American Enterprise Institute, Third Way, and the Progressive Policy Institute. These experts released the following statements in support of the Bipartisan Social Security Commission Act:

"America's current and future retirees deserve a Social Security system that is financially strong, stable, and protected from automatic benefit cuts. With the program's main trust fund projected to become insolvent in just six years, Congress cannot afford continued inaction. BPC Action commends Reps. Tom Cole (R-OK) and Tom Suozzi (D-NY) for recognizing that meaningful Social Security reform will require bipartisan leadership and compromise. Their Bipartisan Social Security Commission Act offers a credible path forward by bringing together lawmakers and experts to strengthen the program and help secure Americans' earned benefits for decades to come," said Michele Stockwell, President of Bipartisan Policy Center Action.

"With automatic cuts to Social Security looming in just a few years, now is the time to act. Peterson Solutions Fund applauds Representatives Cole and Suozzi for the introduction of the Bipartisan Social Security Commission Act of 2026. This commonsense, bipartisan legislation would establish a dedicated, formal process for lawmakers to consider the wide range of solutions available to shore up Social Security's finances and ensure the program remains strong for future generations," said Brett Loper, Executive Director of the Peterson Solutions Fund.

"I applaud Reps. Cole and Suozzi for reintroducing the Social Security Commission Act. With Social Security reaching insolvency in just a few short years, and a 24% cut in benefits looming because of inaction, time is running out to address a critical program relied upon by 70 million of Americans. A commission would be the first step in creating lasting bipartisan solutions," said Maya MacGuineas, President of the Committee for a Responsible Federal Budget.

"Kudos to Congressmen Cole and Suozzi for taking the lead on saving Social Security benefits and promoting fiscal responsibility. Social Security is currently careening toward insolvency, which would result in benefit cuts for millions of Americans. The Bipartisan Social Security Commission Act is an important first step to getting us back on track and protecting retirement security while not compromising the long-term economic health of the nation," said Carolyn Bourdeaux, Executive Director of Concord Action.

"Commissions are often derided as an act of delay. The Commission on Long-term Social Security Solvency is a call for action. And action is needed urgently. Social Security is an essential component of the U.S. safety net and is faced with major, imminent financial troubles. Congress should act on the Commission's plan, but needs to act now to create the commission," said Douglas Holtz-Eakin, President of American Action Forum.

"The Commission on Long-Term Social Security Solvency provides a desperately-needed framework for developing reforms that can strengthen retirement security while improving the nation's fiscal outlook. The Commission's bipartisan composition and supermajority voting requirement ensure that Democrats and Republicans must at last work together to find common ground on Social Security reform," said Andrew Biggs, Senior Fellow of the American Enterprise Institute.

"The math is clear: Social Security faces serious financial challenges in the years ahead. Saving this essential program will require bipartisan cooperation, and a Social Security commission offers the best path to a thoughtful, durable solution. We applaud Representatives Tom Cole (R-OK) and Tom Suozzi (D-NY) for advancing this important step to strengthen Social Security and protect it for current retirees and future generations," said Zach Moller, Senior Director of the Economic Program at Third Way.

"For the first time in a generation, Social Security's trustees project the program's primary trust fund will be depleted during the next presidential administration. The next president, and all U.S. senators elected this November, must act before the end of their term to preserve retirement security for seniors without imposing an undue debt or tax burden on working Americans. PPI commends Reps. Suozzi and Cole for proposing one possible mechanism for deliberating and fast-tracking bipartisan solutions that are long overdue," said Ben Ritz, Vice President of Policy Development at the Progressive Policy Institute.

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