US Senate introduces PROMISE bill to safeguard Social Security

A bipartisan group of US senators unveiled the Protecting Retirement and Income Security for Everyone (PROMISE) bill on July 14, 2026. The legislation does not alter benefits, taxes or eligibility, but creates a mandatory legislative process that would require Congress to develop and vote on a plan guaranteeing the Social Security trust fund’s solvency for at least 50 years. The bill would task the independent Social Security Advisory Board with drafting a baseline proposal after public consultation, and would force a final vote within 100 hours, allowing amendments and alternative sponsors if leaders fail to act.

Senators Dick Durbin (IL), Tim Kaine (VA), Angus King (ME), Bill Cassidy (LA), Thom Tillis (NC) and John Cornyn (TX) highlighted the urgency, noting that the trust fund is projected to be exhausted by 2032, which could cut benefits by about 22%—roughly $450 per month for the average retiree—and push millions of seniors, especially in the Hispanic community, into poverty. The PROMISE bill aims to prevent that outcome by compelling congressional action.