U.S. Reps. Tom Suozzi (D-NY) and Tom Cole (R-OK) introduced legislation in the U.S. House that would create a bipartisan, independent commission to address the long-term financial solvency of Social Security.
The 2026 Social Security Trustees Report projected that Social Security’s primary trust fund will be depleted in 2032. The Bipartisan Social Security Commission Act (H.R. 9187) seeks to help ensure that Social Security is fully funded for decades to come.
“Social Security is fast approaching insolvency in 2032, and benefits will be cut if Congress fails to act. We cannot allow the promise of Social Security to be broken. The time to act is now!” Suozzi said. “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 will produce a proposal to address Social Security insolvency within one year. ”
Modeled after the 1983 Social Security Commission, the Bipartisan Social Security Commission Act creates a 13-member bicameral and bipartisan Commission on Long Term Social Security Solvency. Members are appointed by the president, congressional leaders from both parties in the House and Senate, and the Chair and Ranking Member of the committees with jurisdiction over Social Security, that is, the House Committee on Ways and Means and the Senate Finance Committee. Two of the congressional appointees must be non-elected experts.
“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,” Cole said. “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.”
Within one year of formation, the commission must report to Congress on recommendations to ensure the long-term solvency of Social Security. The legislation would then receive expedited consideration on both the House and Senate floors.
This bill has the support of many organizations including the Bipartisan Policy Center Action, 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.
“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 and Tom Suozzi 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,” Michele Stockwell, president of Bipartisan Policy Center Action, said.