April 26, 2021

News: Sen. Romney, Rep. Gallagher Re-Introduce the TRUST Act

On Wednesday, Sen. Mitt Romney (UT) and Rep. Mike Gallagher (WI) introduced the “Time to Rescue United States’ Trusts” (TRUST) Act as stand alone bills in the U.S. Senate and House (S.1295 and H.R. 2575), reviving a threat to the retirement security of hundreds of millions of Americans.

The legislation paves the way for cuts to Social Security and Medicare by establishing so-called “Rescue Committees” charged with recommending changes to the Social Security, Medicare and Highway Trust Funds in the name of “long-term solvency.” The committees are not required to conduct any public hearings; their recommendations could not be amended by the full House or Senate; and the recommendations must receive an up or down vote on the House and Senate floor. There are no limits to what could be recommended, including benefit cuts, changes to the eligibility age, means testing of benefits, or higher taxes on working Americans.

Senator Romney first introduced this legislation in 2019 and offered an amendment in support of the concept during a debate on the Senate Budget Resolution earlier this year. The Senate voted 71-29 in favor of that amendment but it was dropped from the final version of the bill. Since then, several senators have told Alliance activists that they would not vote in favor of the TRUST Act if it comes for a vote again.

“The Alliance strongly opposes the TRUST ACT. Retirees have earned their Social Security and Medicare benefits over a lifetime of hard work and we will fight tooth and nail against any scheme to cut or weaken them,” said Richard Fiesta, Executive Director of the Alliance. “Every Senator and member of Congress must reject this bill and any future bills or amendments that aim to slash these essential programs. We will make this clear to all members of Congress in the coming weeks and months.”