This follows the president’s announcement of his intention to do so during a speech to a joint session of Congress in February. He then noted that an essential feature of any reform would be to let workers invest some of their Social Security taxes in private markets in search of higher returns.
The Social Security system has often been viewed as politically problematic. Though previous commissions have investigated the issue, the last time such a panel led to reform was in 1983.
It is anticipated that former New York Senator Daniel Moynihan and AOL Time Warner Inc. senior executive Richard Parsons will be appointed co-chairmen of the commission.