Keeping our Promise to Seniors Act

Keeping Our Promise to Seniors Act

This bill directs the Bureau of Labor Statistics (BLS) of the Department of Labor to prepare and publish a monthly Consumer Price Index for Older Americans (CPI-OA) that:

• measures changes over time in the cost of living for a population that consists solely of individuals living in the United States who are age 62 or older;
• is specifically designed to reflect the geographic areas in which such individuals reside, the goods and services they purchase, and the typical prices for those goods and services; and
• is not based on any other consumer price index published by the BLS.

The bill amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to use this new CPI-OA in the computation of cost-of-living increases for OASDI benefits.