Bill > S534

This bill modernizes the financial provisions for former Presidents of the United States by updating the Former Presidents Act of 1958. The bill establishes a $200,000 annual annuity and monetary allowance for each former President, paid monthly, which will be subject to cost-of-living increases tied to Social Security benefit adjustments. Importantly, the allowance will be reduced based on the former President's adjusted gross income, with a sliding scale mechanism that decreases the allowance as income exceeds $400,000. The bill also increases the monetary allowance for surviving spouses from $20,000 to $100,000 per year and explicitly extends this provision to widowers, not just widows. To receive the monetary allowance, former Presidents must disclose tax return information when requested, and the bill includes strict confidentiality provisions for this information. The legislation includes a notable grandfather clause, meaning it will not apply to Presidents who are in office at the time of the bill's enactment or their immediate surviving spouses. The bill does not affect existing security provisions for former Presidents and their families, ensuring continued protection. These changes aim to provide a more structured and inflation-adjusted financial support system for former Presidents while introducing income-based limitations on the allowance.

Military Affairs and Security

https://www.congress.gov/bill/119th-congress/senate-bill/534/all-info