If signed into law, the Consumer Price Index for Elderly Consumers (CPI-E) Act would amend the Social Security Act with regard to the annual cost-of-living adjustment (COLA) for Social Security and Medicare benefits. Currently, the COLA is based upon the spending patterns of young, urban workers using the CPI for Urban Wage Earners (CPI-W). This legislation would calculate the COLA based upon the spending patterns of seniors by using the CPI-E.
Rep. Peter DeFazio (OR-4) introduced H.R. 1030 on March 7, 2013. It has since been referred to the Committee on Ways and Means, the Committee on Energy and Commerce, and the Committee on Education and the Workforce.