After Obama’s speech to Wall Street, Congress might again try to slash presidential pensions
Lawmakers plan to reintroduce a bill to cap presidential pensions for former U.S. presidents and to reduce the payment thereafter once a former president’s income exceeds a certain level.
Rep. Jason Chaffetz (R-Utah) and Sen. Joni Ernst (R-Iowa) said they will reintroduce identical bills this month in the House and Senate called the Presidential Allowance Modernization Act. The bill, which then-President Barack Obama vetoed last year, would cap presidential pensions at $200,000 annually, while leaving another $200,000 available for extras like travel and office staff expenses. But if a former president’s annual income exceeds $400,000, the pension payment would shrink — dollar-for-dollar.