A bipartisan group of lawmakers reintroduced Thursday legislation to shore up the Social Security and Medicare Trust Funds. The Time to Rescue United States Trusts, or TRUST Act, would establish bipartisan, bicameral commissions to address the long-term solvency of major trust funds. It was reintroduced Thursday by Sens. Mitt Romney, R-Utah; Joe Manchin, D-WV; and Angus King, I-Maine and Reps. Mike Gallagher, R-Wis.; Ed Case, D-Hawaii; and Scott Peters, D-Calif.
"There is broad recognition that we need to address the looming insolvency of our federal trust funds," said Senator Romney in a statement. "Congress must respond in a way which will address this long-term problem, which is coming down the pike much sooner than was expected. Our TRUST Act is a bipartisan solution which will shore up our federal trust funds and put us on a path toward a stronger fiscal future."
The Congressional Budget Office (CBO) projects the Highway Trust Fund will be insolvent by 2022, the Medicare Hospital Insurance Trust Fund in 2026, the Social Security retirement fund in 2032, and Social Security Disability Insurance in 2035.
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Melanie Waddell
Melanie is senior editor and Washington bureau chief of ThinkAdvisor. Her ThinkAdvisor coverage zeros in on how politics, policy, legislation and regulations affect the investment advisory space. Melanie’s coverage has been cited in various lawmakers’ reports, letters and bills, and in the Labor Department’s fiduciary rule in 2023. In 2019, Melanie received an Honorable Mention, Range of Work by a Single Author award from @Folio. Melanie joined Investment Advisor magazine as New York bureau chief in 2000. She has been a columnist since 2002. She started her career in Washington in 1994, covering financial issues at American Banker. Since 1997, Melanie has been covering investment-related issues, holding senior editorial positions at American Banker publications in both Washington and New York. Briefly, she was content chief for Internet Capital Group’s EFinancialWorld in New York and wrote freelance articles for Institutional Investor. Melanie holds a bachelor’s degree in English from Towson University. She interned at The Baltimore Sun and its suburban edition.
