HR 2266 United States House · 117th Congress

COLA Act of 2021

Summary

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.

Bill status in committee 1 of 4 stages cleared

Introduction

Mar 2021

Committee Review

Floor Vote

President

Introduced Mar 26, 2021 Last action Mar 26, 2021

Floor votes

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Full legislative history

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Key actions

Committee

Mar 26, 2021

Committee

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.

lower

Mar 26, 2021

Committee

Referred to the Subcommittee on Social Security.

lower

Mar 26, 2021

Introduced

Introduced in House

lower

1 primary · 0 co-sponsors