Jody Hice: “I thank my friend from Arizona for yielding. I rise in support of H.R. 1496, the Presidential Allowance Modernization…”

“I thank my friend from Arizona for yielding. I rise in support of H.R. 1496, the Presidential Allowance Modernization Act of 2019. As has already been mentioned, in 1958, Congress passed the Former Presidents Act, and that was at a time period where Presidents did not have the same financial opportunities that they have today. Recent former Presidents have earned millions of dollars after leaving office from speaking fees, book deals, and other endeavors. For example, President Clinton earned more than $100 million in speaking fees between 2001 and 2013. President George W. Bush received $10 million for a book deal. President Obama and the former First Lady reportedly signed a joint book deal worth over $65 million. It is just a fact of the modern Presidency that these financial opportunities are now available to former Presidents. Given these financial benefits, it is no longer necessary to provide the level of taxpayer-funded support that was envisioned back in 1958. So, H.R. 1496 is an important step to saving taxpayer dollars by amending the law to reflect the financial realities of the modern Presidency. This bill reforms the pension amount for former Presidents and surviving spouses. This bill also changes the amount and the way that additional benefits to former Presidents are allotted.…”