Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 3739) to amend the Act of August 25, 1958, commonly known as the ``Former Presidents Act of 1958'', with respect to the monetary allowance payable to a former President, and…
Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 3739) to amend the Act of August 25, 1958, commonly known as the ``Former Presidents Act of 1958'', with respect to the monetary allowance payable to a former President, and for other purposes, as amended.
Mr. Speaker, I ask unanimous consent that all Members have 5 legislative days to revise and extend their remarks and include extraneous material on the bill under consideration.
Mr. Speaker, I yield myself such time as I may consume.
I rise today in support of H.R. 3739, a bill I introduced to limit the allowances paid to former Presidents.
Congress passed the Former Presidents Act of 1958 to maintain the dignity of the Office of the President and assist former Presidents who did not have sufficient financial resources. It is a noble purpose, but times have changed. When the Former Presidents Act was passed, Herbert Hoover and Harry Truman were the only two former living Presidents. Unlike the more recent former Presidents, they did not earn millions of dollars from speaking fees and book deals after leaving office.
For example, President Clinton earned more than $100 million in speaking fees between 2001 and 2013. President George W. Bush received $10 million for his book deal. In April 2017, President Obama spoke at a Wall Street firm for a fee of $400,000, and he and the former First Lady also reportedly signed a joint book deal worth over $65 million.
It is a fact of the modern Presidency that these lucrative financial opportunities are available now as they were not to former Presidents. Because of these opportunities, it is no longer necessary to provide taxpayer-funded support to former Presidents in the same way as envisioned in 1958.
H.R. 3739 presents a fair way to reduce taxpayer support to those former Presidents who no longer need such assistance. Furthermore, with our Nation facing $20 trillion in debt, we must find ways to save taxpayer money, and our former Presidents will lead by example in cutting costs under this bill.
The Presidential Allowance Modernization Act reforms pensions and allowances provided to former Presidents and surviving spouses and reduces unnecessary costs to the taxpayer.
This bill sets a former President's pension at $200,000, compared to current law where the pension is linked to the Cabinet Secretary's pay level, currently at $204,700. Surviving spouses of former Presidents will be eligible for a pension of $100,000, a more realistic amount than the $20,000 pension available under current law.
Currently, former Presidents are also eligible for other benefits paid through annual appropriations. These include
office space and leases, furniture and supplies, and staff salaries. Such additional benefits provided to former Presidents totaled $2.84 million in fiscal year 2017 and $2.43 million the year before.
Instead, this bill will provide a $500,000 lump sum allowance for each eligible former President to cover such expenses. This allowance will be reduced dollar-for-dollar for any earned income in excess of $400,000. For example, a former President making $900,000 in earned income would not be eligible for the allowance.
For former Presidents eligible for the allowance, the allowance will decrease over time. Five years after the former President has left office, the allowance is reduced to $350,000, and then 10 years later, the allowance is reduced to $250,000.
In the 114th Congress, the Presidential Allowance Modernization Act of 2016 was passed, but it was not signed into law. Senator Joni Ernst and I have worked with other stakeholders to improve the bill in 2017. This 2017 bill advances the same principles of accountability and modernization as the 2016 legislation but makes some key changes.
First, the bill provides a 6-month period after the date of enactment before the bill takes effect to ensure current former Presidents have time to plan for the changes.
Second, the bill increases the allowance amount from $200,000 in the previous bill language to $500,000. However, as described earlier, this allowance decreases over time, but it is not entirely eliminated should a former President be eligible for the allowance.
The office of the former President is an important institution to support in a nominal way. We were all recently reminded of the importance of this institution by the joint effort of former Presidents to raise hurricane relief funds.
The third change made in this version of the bill is the pension and allowance are terminated 30 days after the death of a former President--instead of immediately upon death. This change was made to accommodate the work that must be done to wrap up the affairs of a former President.
Finally, I want to assure my colleagues that this bill does not impact funding for the security or protection of a former President.
Again, I want to thank Senator Ernst for her work on this bill in the previous years and this particular bill in 2017. It has been a real pleasure to work with her and her staff.
I want to acknowledge Members such as Mr. Cummings, Mr. Grothman, and the former chairman, Mr. Chaffetz, whose work on this bill last year positioned us to be successful this year. I also want to express my gratitude to the professional staff on the House Oversight and Government Reform Committee, who have put in so many hours of work on this legislation.
Mr. Speaker, I urge my colleagues to support this bill, and I reserve the balance of my time.
Mr. Speaker, I urge adoption of this bill,
and I yield back the balance of my time.