WASHINGTON (February 3, 2025) – U.S. Senator Bill Cassidy, M.D. (R-LA) issued the following statement after President Trump signed a new executive order creating a sovereign wealth fund.
“Let’s use it to save Social Security!” said Dr. Cassidy. “I have been advocating for years to create a new fund—separate from the Social Security Trust Fund—that invests in the growth of the American economy. President Trump’s new sovereign wealth fund is an excellent step in that direction. We must keep the trust of the American people. Americans don’t want this being used on just anything. Social Security is a dedicated process that can free money for other priorities and preserve seniors’ benefits.”
Background
Cassidy led a bipartisan working group to preserve and protect Social Security. In 2023, he released the inaugural Bill on the Hill video where he asked Capitol Hill visitors from across the country their thoughts on the looming benefit cuts to Social Security and presented his “Big Idea.”
In December, Cassidy successfully demanded a vote on the Social Security Fairness Act, leading to the bill being signed into law. In July and again in December, Cassidy spoke on the U.S. Senate floor urging Congress to repeal WEP and GPO as part of his “Big Idea.”
Last March, Cassidy grilled U.S. Treasury Secretary Janet Yellen on President Biden’s plan to address Social Security, to which Secretary Yellen admitted “the president doesn’t have a plan,” to save Social Security.
Cassidy has discussed the “Big Idea” at a public forum with AARP on the future of Social Security, outlined his Social Security plan in a fireside chat with the Bipartisan Policy Committee, and authored op-eds in the Washington Examiner in July, the Wall Street Journal in March, and State Affairs and Washington Post in May.
