Suozzi Introduces Bipartisan Legislation to Secure Long-term Social Security Funding

June 15, 2026 Press Release Endorsed by Every Major Budget and Nonpartisan Advocacy Group Washington, D.C. – Congressman Tom Suozzi (D- Long Island, Queens) introduced the Bipartisan Social Security Commission Act ( H.R. 9187 ) to help ensure that Social Security is fully funded for decades to come. Co-led by Representative Tom Cole (OK-04), this legislation creates a bipartisan, independent commission to address the long-term financial solvency of Social Security. The 2026 Social Security Trustees Report projects that Social Security’s primary trust fund will be depleted in 2032. “Social Security is fast approaching insolvency in 2032, and benefits will be cut if Congress fails to act. We cannot allow the promise of Social Security to be broken. The time to act is now!” said Congressman Suozzi . “We owe it to current and future retirees to set partisan politics aside and develop responsible solutions that protect and strengthen the program. This bipartisan commission will produce a proposal to address Social Security insolvency within one year. My thanks to Congressman Cole (R-OK) for joining me in this important bipartisan effort.” “I am going to tell you the truth that many of my fellow politicians in Washington refuse to acknowledge: the solvency of Social Security is at a critical point, and millions of Americans who have paid into this program throughout their working lives may not receive the money they deserve. Therefore, doing nothing on Social Security is not an option,” said Congressman Cole . “As a Congress, we must act. The Bipartisan Social Security Commission Act will allow us to find commonsense solutions to ensure the long-term survival of this program. I am proud to join Representative Suozzi in the reintroduction of this important legislation, as Social Security is a promise we have made to American seniors that we must keep.” Modeled after the 1983 Social Security Commission, the Bipartisan Social Security Commission Act creates a 13-member bicameral and bipartisan Commission on Long Term Social Security Solvency. Members are appointed by the president, congressional leaders from both parties in the House and Senate, and the Chair and Ranking Member of the committees with jurisdiction over Social Security: the House Committee on Ways and Means and the Senate Finance Committee. Two of the congressional appointees must be non-elected experts. Within one year of formation, the commission must report to Congress on recommendations to ensure the long-term solvency of Social Security. Once the commission reaches a majority bipartisan consensus, the legislation would receive expedited consideration on both the House and Senate floors. This legislation has received praise from experts at many organizations including the Bipartisan Policy Center Action, the Peterson Solutions Fund, the Committee for a Responsible Federal Budget, Concord Action, the American Action Forum, the American Enterprise Institute, Third Way, and the Progressive Policy Institute. “America’s current and future retirees deserve a Social Security system that is financially strong, stable, and protected from automatic benefit cuts. With the program’s main trust fund projected to become insolvent in just six years, Congress cannot afford continued inaction. BPC Action commends Reps. Tom Cole (R-OK) and Tom Suozzi (D-NY) for recognizing that meaningful Social Security reform will require bipartisan leadership and compromise. Their Bipartisan Social Security Commission Act offers a credible path forward by bringing together lawmakers and experts to strengthen the program and help secure Americans’ earned benefits for decades to come,” said Michele Stockwell, President of Bipartisan Policy Center Action. “With automatic cuts to Social Security looming in just a few years, now is the time to act. Peterson Solutions Fund applauds Representatives Cole and Suozzi for the introduction of the Bipartisan Social Security Commission Act of 2026. This commonsense, bipartisan legislation would establish a dedicated, formal process for lawmakers to consider the wide range of solutions available to shore up Social Security’s finances and ensure the program remains strong for future generations,” said Brett Loper, Executive Director of the Peterson Solutions Fund. “I applaud Reps. Cole and Suozzi for reintroducing the Social Security Commission Act. With Social Security reaching insolvency in just a few short years, and a 24% cut in benefits looming because of inaction, time is running out to address a critical program relied upon by 70 million of Americans. A commission would be the first step in creating lasting bipartisan solutions,” said Maya MacGuineas, President of the Committee for a Responsible Federal Budget. "Kudos to Congressmen Cole and Suozzi for taking the lead on saving Social Security benefits and promoting fiscal responsibility. Social Security is currently careening toward insolvency, which would result in benefit cuts for millions of Americans. The Bipartisan Social Security Commission Act is an important first step to getting us back on track and protecting retirement security while not compromising the long-term economic health of the nation,” said Carolyn Bourdeaux, Executive Director of Concord Action. “Commissions are often derided as an act of delay. The Commission on Long-term Social Security Solvency is a call for action. And action is needed urgently. Social Security is an essential component of the U.S. safety net and is faced with major, imminent financial troubles. Congress should act on the Commission’s plan, but needs to act now to create the commission,” said Douglas Holtz-Eakin, President of American Action Forum. "The Commission on Long-Term Social Security Solvency provides a desperately-needed framework for developing reforms that can strengthen retirement security while improving the nation's fiscal outlook. The Commission's bipartisan composition and supermajority voting requirement ensure that Democrats and Republicans must at last work together to find common ground on Social Security reform,” said Andrew Biggs, Senior Fellow of the American Enterprise Institute. “The math is clear: Social Security faces serious financial challenges in the years ahead. Saving this essential program will require bipartisan cooperation, and a Social Security commission offers the best path to a thoughtful, durable solution. We applaud Representatives Tom Cole (R-OK) and Tom Suozzi (D-NY) for advancing this important step to strengthen Social Security and protect it for current retirees and future generations,” said Zach Moller, Senior Director of the Economic Program at Third Way. "For the first time in a generation, Social Security's trustees project the program's primary trust fund will be depleted during the next presidential administration. The next president, and all U.S. senators elected this November, must act before the end of their term to preserve retirement security for seniors without imposing an undue debt or tax burden on working Americans. PPI commends Reps. Suozzi and Cole for proposing one possible mechanism for deliberating and fast-tracking bipartisan solutions that are long overdue,” said Ben Ritz, Vice President of Policy Development at the Progressive Policy Institute. “For years, as the Social Security Trust Fund approaches a zero balance in less than six years, Congress has been unable to make the hard decisions necessary to avoid a 25% cut in earned benefits for millions of older Americans. This bill would help create the necessary conditions for these tough discussions, saving taxpayers from the possibility of a massive government bailout of the program. We applaud Chairman Cole for introducing this important legislation, and look forward to helping get it across the finish line,” said David Timmons, Senior Policy Manager, National Taxpayers Union. Read the full bill text here . ###