Bipartisan, bicameral legislation would establish a new Fiscal Commission

In late 2023, Reps. Bill Huizenga (R-Mich.) and Scott Peters (D-Calif.) introduced the bipartisan Fiscal Commission Act (H.R. 5779), that would establish a fiscal commission within the U.S. Congress.

Companion legislation in the U.S. Senate, the Fiscal Stability Act (S. 3262) is being led by Sens. Joe Manchin (D-W.Va.) and Mitt Romney (R-Utah).

By: Paige Mellerio
Associate Legislative Director- Finance, Pensions & Intergovernmental Affairs

In late 2023, Reps. Bill Huizenga (R-Mich.) and Scott Peters (D-Calif.) introduced the bipartisan Fiscal Commission Act (H.R. 5779), that would establish a fiscal commission within the U.S. Congress.

Companion legislation in the U.S. Senate, the Fiscal Stability Act (S. 3262) is being led by Sens. Joe Manchin (D-W.Va.) and Mitt Romney (R-Utah).

What would a Fiscal Commission do?

The proposed Fiscal Commission would be:

• Comprised of 16 members, 12 of which would be elected members of Congress and 4 would be outside experts:
  • The Speaker of the House, House Minority Leader, Senate Majority Leader and Senate Minority Leader would each appoint 4 members – 3 from their chamber and party and 1 outside expert
• Tasked with reporting to Congress on policy recommendations to improve the long-term fiscal sustainability of the federal government, including recommendations to:
  • stabilize the nation’s debt to Gross Domestic Product (GDP) ratio over 15 years
  • improve the solvency of federal trust funds over 75 years
• Required to secure a simple majority vote among Commission members on the report of policy recommendations and proposed legislative text:
  • Approved legislative language would receive expedited consideration in both the U.S. House and U.S. Senate

Read more here.