WASHINGTON, D.C. – U.S. Senators Shelley Moore Capito (R-W.Va.) and Joe Manchin (D-W.Va.), along with 13 bipartisan colleagues, today introduced the Time to Rescue United States’ Trusts (TRUST) Act of 2020, bipartisan and bicameral legislation that would create a process to rescue the endangered federal trust funds and rein in the national debt.

The TRUST Act of 2020 is cosponsored by Senators Mitt Romney (R-Utah), Todd Young (R-Ind.), Kyrsten Sinema (D-Ariz.), Doug Jones (D-Ala.), Lamar Alexander (R-Tenn.), Angus King (I-Maine), Rob Portman (R-Ohio), Mark Warner (D-Va.), David Perdue (R-Ga.), John Cornyn (R-Texas), Martha McSally (R-Ariz.), Mike Rounds (R-S.D.), and Dan Sullivan (R-Alaska). U.S. Representatives Mike Gallagher (R-Wis.), Ed Case (D-Hawaii), William Timmons (R-S.C.), Ben McAdams (D-Utah), and Scott Peters (D-Calif.) previously introduced companion legislation in the House of Representatives.

“Without responsible action, many of our nation’s trust funds will eventually be depleted,” Senator Capito said. “The TRUST Act provides a path toward commonsense, bipartisan solutions that strengthens these programs and puts them on a solid foundation for years to come. Preserving these trust funds is critical to America’s future.”

“Our budgets must be a reflection of our priorities while maintaining fiscal responsibility,” Senator Manchin said. “Generations of irresponsibly cutting taxes combined with spending beyond our means has left the important programs on which we all depend – Medicare, Social Security, highways, and pensions – on the brink of insolvency. The financial consequences of the COVID-19 pandemic have only compounded the problem. While I recognize that now is not the time to gut federal investments, we cannot continue to ignore this reality. I’m proud to join a bipartisan group of colleagues to re-introduce the TRUST Act to give us a roadmap to getting our fiscal house in order when we get on the other side of this pandemic.” 

HOW THE TRUST ACT OF 2020 WORKS: 

  • At the beginning of January 2021, the Treasury would have to deliver to Congress a report of the government’s major, endangered federal trust funds.
  • Congressional leaders would appoint members to serve on “Rescue Committees”—one per trust fund—with the mandate to draft legislation that restores solvency and otherwise improves each trust fund program.
  • Rescue Committees would ensure bipartisan consensus by requiring at least two members of each party to report legislation.
  • If a Rescue Committee reports a qualifying bill for its trust fund program, it would receive expedited consideration in both chambers. While 60 votes would be required to invoke cloture prior to final passage in the Senate, only a simple majority would be needed for the motion to proceed, which would be privileged.

Background information can be found here.

Bill text can be found here. 

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