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SOCIAL SECURITY UPDATE: LAWMAKERS’ NEW PLAN WOULD EXPAND BENEFITS BY $2,400
Some members of Congress are pushing for a new law that would expand Social Security benefits by $2,400 annually.
The bill, the Social Security Expansion Act, would also ensure the program is funded for the next 75 years by applying a payroll tax on higher-income workers.
Why It Matters
Social Security faces a funding crisis that could see the Social Security Administration run out of money for full payments by the mid-2030s.
Millions of Americans rely on the program to fund the bulk of their retirement, but seniors have complained in recent years that the benefits’ cost-of-living adjustment doesn’t adequately reflect inflation.
Across the board, seniors are facing higher costs for groceries, housing and health care.
What To Know
Independent Senator Bernie Sanders of Vermont, Senator Elizabeth Warren, Democrat from Massachusetts, and Democratic Representatives Jan Schakowsky of Illinois and Val Hoyle of Oregon introduced the bill on Thursday in an attempt to increase benefits for millions of Americans.
The act calls for Social Security benefits to rise by $2,400 per year and would be fully funded for the next 75 years through application of a payroll tax on all income above $250,000.
That means only 9 percent or less of American households would see taxes increase in order to fund the higher benefit amount and ensure funds for the next 75 years.
At the moment, nine other Democratic senators and 17 House members have cosponsored the bill.
Before Social Security was created by President Franklin D. Roosevelt in the 1930s, around half of all seniors lived in poverty. Today, the senior poverty rate is down to 9.7 percent, thanks in large part to Social Security payments, according to the lawmakers.
The average Social Security payment is $1,838 per month, with nearly 40 percent of seniors relying on it for a majority of their income. One in seven count on it for more than 90 percent of their income.
@ Newshounds News™
Read more: MSM
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TREASURY’S NEW CRYPTO COUNSELOR ADVOCATES FOR SWIFT STABLECOIN LEGISLATION
Tyler Williams, newly appointed crypto counselor to Treasury Secretary Scott Bessent, has announced his focus on helping Congress develop appropriate stablecoin legislation as the US accelerates crypto regulation efforts.
▪Williams emphasizes creating clear legal guidelines for stablecoins to boost industry confidence and ensure consistent regulatory approaches across jurisdictions.
▪The Treasury Department’s decision to hire Williams signals willingness to responsibly integrate crypto into the mainstream financial system.
▪Bipartisan support continues building with the FIT21 bill passing the House in May 2024 and Senator Hagerty’s GENIUS Act seeking to place dollar-pegged tokens under Federal Reserve oversight.
Tyler Williams recently got appointed as the crypto counselor to Treasury Secretary Scott Bessent. However, he has revealed that his first line of actions in this new role will include helping Congress to get stablecoin legislations exactly where they need to be.
Williams’ comment came during a private digital assets event that was recently held in Washington, D.C. This is, as the US accelerates its efforts to regulate a crypto sector that continues to grow at such a remarkable rate.
Tyler Williams Hammers on Unified Regulatory Framework
According to Williams, there is an urgent need for a concerted effort towards creating clear legal guidelines and regulatory environment for stablecoins. He noted that this would not only boost the industry’s confidence but also ensure that both state and federal regulators operate under a consistent framework.
This way, there is a uniform approach to the issuance and oversight of stablecoins that cut across various jurisdictions.
Williams, who previously served as a regulatory lawyer for Galaxy Digital, has also shared his optimism for the times ahead. He believes that the Treasury Department’s decision to hire him already proves that the US is more than willing to introduce crypto into the mainstream financial system, but in a responsible manner.
Bipartisan Momentum in Congress
Speaking at the same event, Representative Bryan Steil, a Wisconsin Republican and chair of the House Financial Services Committee’s digital assets subcommittee, appeared to share the same optimism as Williams. The lawmaker noted that the legislative push for stablecoin regulation has gained serious momentum and bipartisan support.
Despite the notable bipartisan backing that saw the FIT21 pass the House in May 2024, however, Steil insists that the US still needs to “outcompete the rest of the world” in its support of digital assets. That is, if the nation wants to sustain this legislative momentum and see it grow, Steil added.
Interestingly, efforts are also ongoing in the Senate to establish a comprehensive regulatory framework for stablecoins. In early February, Senator Bill Hagerty introduced the Guiding and Establishing National Innovation for US Stablecoins of 2025 Act (GENIUS Act).
This legislation aims to bring US dollar-pegged crypto tokens under Federal Reserve rules. It also seeks to clearly define the roles of federal and state authorities in overseeing stablecoin issuers.
The bill has been hailed as addressing a key challenge that has previously hindered regulatory clarity, especially for stablecoins.
@ Newshounds News™
Source: CoinSpeaker
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