“It’s irresponsible for Congress to keep ignoring a preventable crisis. We must put in place a responsible process now to prevent dramatic cuts to programs like Social Security and Medicare or be forced to enact massive tax hikes down the road, both of which would be devastating to middle class Americans. We have a duty to work to secure these programs that provide a safety net for millions of Americans.”Senator Mitt Romney on the TRUST Act
In late October, Senators Mitt Romney (R-UT) and Joe Manchin (D-WV) came together in bipartisan collaboration to introduce the latest Social Security bill aimed at fixing Trust Fund solvency.
The “Time to Rescue United States Trusts” (TRUST) Act is not only an attempt to unite the parties in focusing on Social Security solvency, but all endangered U.S. trusts. This includes the Medicare Hospital Insurance Fund and the Highway Trust, both of which are facing similar funding shortfalls over the next several years.
To do so, the TRUST Act would require Congress to create Congressional committees specifically concerned with drafting legislation repairing the solvency of these trust fund programs. Congressional leaders would be required to appoint at least two representatives from both the Republican and Democratic parties within 45 days of the Trust Act’s passage.
These committees—referred to as Rescue Committees—are designed to prioritize Social Security repair talks and ensure bipartisanship when discussing solvency solutions.
Any bills created by the Rescue Committees would be expedited through the Congressional consideration process.
As of today, the Senate bill has eight cosponsors—and unlike the 2100 Act, the TRUST Act features Republican, Democrat, and Independent cosponsors.