President Sherrod Brown (D-OH) questioned Treasury Secretary Janet Yellen and Federal Reserve Chairman Powell during a Senate Senate Banking, Housing and Urban Affairs hearing on the CARES Act at the Hart Senate office building in Washington, DC. September 28, 2021
Kevin Ditch Swimming pool Reuters
The bill to change the additional income security benefits for the elderly, blind and disabled Americans is the first step in updating a program that has not changed for decades, said Ohio Democratic Sen. Sherrod Brown.
Brown unveiled the bill, the Austerity Sanctions Sanctions Act, Thursday with Ohio Republican Sen. Rob Portman.
The proposal will raise asset limits that prevent approximately 8 million Americans who receive these federal benefits from making significant savings.
The program currently has a limit of $ 2,000 for individuals and $ 3,000 for couples. Legislation seeks to raise those limits, which have not been updated since 1989, to $ 10,000 and $ 20,000, respectively.
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In addition, the bill will also index these ceilings to inflation, so that they will be adjusted annually, similarly to social security benefits, and based on data from the consumer price index.
“Rising costs and inflation are hurting all Americans, but especially the elderly in our nation and those with disabilities,” Portman said in a statement. “Yet the extra income security program that serves these vulnerable populations has not been updated for decades and punishes them for responsible attempts to save.”
Updating the program’s asset limits would “expand economic opportunities and mobility for people with disabilities,” according to a report by the Policy Center of JP Morgan Chase & Co.
Many SSI beneficiaries are eager to see changes in the program that have not been changed in decades. This includes increasing benefits that are below or close to the federal poverty level. The average monthly benefit for all recipients is currently $ 625.50. They also want to see changes in the rules that discourage beneficiaries from working by reducing their benefits.
“I want to do much, much more,” Brown told SSI’s reform in an interview with CNBC.com on Tuesday.
The legislature has previously proposed a more comprehensive bill, the SSI Restoration Act, which will make these changes to the program.
It must be national in scope. And when I say national, I really mean national.
Senator Sherod Brown
Ohio Democratic senator
Both Ohio senators hope the bill will be passed as part of other legislation. Brown said he expects unanimous support from Democrats, while Portman’s support will help boost Republican votes.
“We’re looking at different roads, different vehicles,” Brown said. “I’m very committed to this and more as we move forward.”
“It’s high time Congress re-updated the limits on SSI’s assets, which have become too restrictive and prevent the accumulation of even modest personal savings,” said Bill Sweeney, senior vice president of AARP.
The Supreme Court recently ruled that Puerto Ricans are not eligible for SSI benefits.
“[SSI] it should apply to anyone who qualifies, and it should be national in scope, “said Senator Brown.” And when I say national, I really mean national. “
Efforts to reform the SSI are part of Brown’s job “to give a voice to people in my state who don’t have much of a voice,” he said.
This includes other issues, such as the extended child tax credit and student loans.
Monthly tax credit payments for children up to $ 300 per child for eligible families expired in December. However, families are still taking advantage of this when they filed their tax returns this spring, Brown said.
“We are not giving up on this,” Brown said of efforts to renew improved credit and monthly payments.
“I have not done anything to get an answer at home and in the country I did,” he added.
In addition, Brown hosted a Senate committee meeting Tuesday morning, where borrowers shared their experience with student loans.
“I urge the president to do his best,” Brown said of the considerations for student loan reform. “And I hope we can do something in Congress, but with that 50/50 majority, we probably can’t.”
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