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S. 3703: Presidential Allowance Modernization Act of 2022

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Feb 17, 2022.

Presidential Allowance Modernization Act of 2022

This bill replaces provisions governing the compensation provided to a former President.

Each former President shall receive from the United States (1) an annuity of $200,000 per year for the remainder of his or her life, and (2) a monetary allowance of $200,000 per year. Such allowance shall be reduced by the amount the former President's earned income exceeds $400,000. These monetary amounts are subject to a cost-of-living increase.

The bill increases and provides for cost-of-living adjustments to the monetary allowance for surviving spouses of former Presidents.