Rep. Pete Sessions, R-Texas, is leading a group of GOP lawmakers to privatize Social Security.
Sessions, chairman of the National Republican Congressional Committee (NRCC), introduced a bill on June 3, H.R. 2109, the Savings Account for Every American Act, which would allow workers to opt out of Social Security and opt in to a private SAFE account–a move critics say is a revival of President George W. Bush’s failed attempts to privatize Social Security through private accounts.
Eric Kingson, co-director of Social Security Works, said in a statement that if passed, Sessions’ bill “could reduce Social Security’s income immediately by over 40% by diverting the full 6.2% of employee Social Security contributions to private accounts.”