Presidential Allowance Modernization Act of 2023

Presidential Allowance Modernization Act of 2023

This bill replaces provisions governing the compensation provided to a former President.

Each former President shall receive from the United States (1) an annuity of $200,000 per year for the remainder of his or her life, and (2) a monetary allowance of $200,000 per year. Such allowance shall be reduced by the amount the former President's earned income exceeds $400,000. These monetary amounts are subject to a cost-of-living increase.

The bill increases and provides for cost-of-living adjustments to the monetary allowance for surviving spouses of former Presidents.

Bill 118 s 501, also known as the Presidential Allowance Modernization Act of 2023, is a piece of legislation introduced in the US Congress with the aim of updating and modernizing the allowances provided to former Presidents of the United States.

The bill seeks to make changes to the way in which former Presidents receive financial support after leaving office. Specifically, it aims to cap the amount of money that former Presidents can receive in allowances and benefits, in order to ensure that taxpayer funds are being used efficiently and effectively.

Additionally, the bill includes provisions to increase transparency and accountability in the way that these allowances are distributed, requiring former Presidents to report on their use of funds and limiting the amount of money that can be spent on things like office space and staff. Overall, the Presidential Allowance Modernization Act of 2023 is designed to bring greater oversight and control to the financial support provided to former Presidents, while also ensuring that they are still able to carry out their duties and responsibilities effectively.