While legislation can take time to move through the system, there are always new updates to report on. At The Seniors Center, we’re calling on Congress to pass the Social Security Lock-Box Act, which would set aside funds specifically for Social Security. Here’s the latest on this critical piece of legislation.
The Social Security Lock-Box Act is a proposed law that would require the federal government to set aside all revenue collected from payroll taxes for Social Security benefits. Currently, the Social Security Trust Fund is less secure — the funds can be used for other purposes by Congress, which leaves the program vulnerable to cuts.
So what’s the latest update on the Social Security Lock-Box Act?
It’s currently in committee, which means the bill is being reviewed by a small group of lawmakers before it’s brought to a vote. This is an important step, but it’s just the beginning of the process. Currently, it’s in the House Committee on Ways and Means, which is responsible for taxes, trade, and Social Security.
We’re urging lawmakers to pass the Social Security Lock-Box Act to protect this vital program. Setting aside funds specifically for Social Security will ensure that the program is there for future generations.