Social Security Cost of Living Increase Act of 2023
1/4/2025, 11:12 AMSummary of Bill HR 1688
Bill 118 hr 1688, also known as the Social Security Cost of Living Increase Act of 2023, is a piece of legislation currently being considered by the US Congress. The purpose of this bill is to provide a cost of living increase for individuals who receive Social Security benefits.If passed, this bill would ensure that Social Security beneficiaries receive an increase in their benefits to account for the rising cost of living. This increase would help to ensure that these individuals are able to maintain their standard of living and keep up with inflation.
The bill outlines the specific calculations and methods that would be used to determine the amount of the cost of living increase. It also includes provisions for how this increase would be funded and implemented. Overall, the Social Security Cost of Living Increase Act of 2023 aims to provide much-needed financial support to individuals who rely on Social Security benefits to meet their basic needs. It is an important piece of legislation that seeks to address the economic challenges faced by many Americans, particularly those who are retired or disabled.
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Current Status of Bill HR 1688
Bill HR 1688 is currently in the status of Bill Introduced since March 21, 2023. Bill HR 1688 was introduced during Congress 118 and was introduced to the House on March 21, 2023. Bill HR 1688's most recent activity was Referred to the Subcommittee on Social Security. as of December 17, 2024Bipartisan Support of Bill HR 1688
Total Number of Sponsors
3Democrat Sponsors
0Republican Sponsors
3Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 1688
Primary Policy Focus
Social WelfarePotential Impact Areas
Government information and archivesInflation and pricesSocial security and elderly assistanceAlternate Title(s) of Bill HR 1688
Social Security Cost of Living Increase Act of 2023Social Security Cost of Living Increase Act of 2023To provide an emergency cost-of-living increase for social security beneficiaries, and for other purposes.Comments
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Sponsors and Cosponsors of HR 1688
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