Central Louisiana News

U.S. Senator Bill Cassidy (R-LA) addressed his plans to hold China accountable and tackle Social Security insolvency during the confirmation hearing of U.S. Treasury Secretary nominee Scott Bessent before the Senate Finance Committee.

Cassidy emphasized concerns over China's environmental practices, stating, "I’ve been very concerned that countries like China manipulate environmental regulations. You point out that they are building hundreds of coal fire plants." He discussed a proposed Foreign Pollution Fee aimed at imposing tariffs on carbon-intensive products from countries like China. Bessent responded positively, noting, "I think this is a very interesting idea, that it could be part of an entire tariff program."

The senator also highlighted the urgency of addressing Social Security's looming insolvency, with the trust fund projected to run out in about eight years. Cassidy shared a bipartisan plan for a pension investment fund to mitigate potential benefit cuts: “I and others have a bipartisan plan that would create a pension investment fund... and use the proceeds from that to offset the upcoming 25% cut in Social Security benefits."

Bessent acknowledged fiscal challenges but expressed optimism about leveraging U.S. assets: “One of the tragedies of this blowout in the budget deficit is we have to get our short-term house in order... I do believe that there is discussion to leverage the asset side of the U.S. balance sheet.”

Cassidy has been proactive in promoting these initiatives, collaborating with Senator Lindsey Graham (R-SC) on drafting the Foreign Pollution Fee Act and advocating for changes to Social Security policies such as repealing the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO).

The proposed Foreign Pollution Fee Act aims to level competition with Chinese manufacturing and was discussed at Cassidy’s Louisiana Energy Security Summit. This summit featured discussions on trade practices and energy security with industry leaders.

Cassidy continues his efforts through various legislative actions and public engagement, seeking support for reforms to ensure long-term sustainability for both economic competitiveness and retirement security.