On May 2, President Bush announced establishment of a bipartisan, 16-member Commission "to study and report … specific recommendations to preserve Social Security for seniors while building wealth for younger Americans."
The Commission was asked to make recommendations to modernize and restore fiscal soundness to Social Security, using six guiding principles:
Findings of the Commission
Public hearings began on June 11 and concluded on December 11, 2001. The Commission released its final report on December 21, 2001 (revised March 19, 2002), presenting three models for modifying the current Social Security program.