That's in addition to reports that the group wants to eventually raise the retirement age to 70 years - or close to it - as well, which could effectively lead to benefit cuts for future retirees. Bill Cassidy, a Republican from Louisiana, is considering a SWF to fund Social Security. Angus King, an Independent from Maine, and Sen. That's according to Semafor's Joseph Zeballos-Roig, who reported this week that a group of senators led by Sen. In this case, such investments would be used to fund Social Security payments. SWFs are typically investment funds owned by the government, according to the Federal Reserve. Congress and President Joe Biden have been scrambling to address Social Security's impending insolvency.īut a group of bipartisan lawmakers may have come up with a compromise in the form of a sovereign wealth fund (SWF) - something that the United States does not currently have at the federal level.
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