HR 7765
COLA Act of 2020
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- Passed House
- Passed Senate
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- Became Law
Bill overview
This bill, the Certainty for Older Living Americans Act of 2020, aims to increase Social Security benefits by changing how the Cost-of-Living Adjustment (COLA) is calculated. Currently, COLA is based on the Consumer Price Index, which can sometimes result in minimal or no increases during periods of low inflation. This bill proposes a new method that uses a 10-year average of COLA increases to ensure a more substantial and reliable adjustment for seniors and people with disabilities receiving Social Security benefits.
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