In this week’s BVA Happenings, Deputy Director of Government Relations Alek Libbin summarizes and points out the importance of the Veterans’ Compensation Cost-of-Living (COLA) Act of 2023, signed into law by President Joe Biden just two days ago on June 14. 

The legislation increases the rates of disability compensation, clothing allowances, and dependency and indemnity compensation for surviving spouses and children to account for increases in the cost of living by tying the annual inflation adjustment to the social security adjustment. This increase ensures, at least for now, that veterans who protected our nation will continue to be protected by the nation.

Senate Committee on Veterans Affairs Chairman Jon Tester (D-MT) said it best with this: “At a time when folks are struggling with rising costs, from housing to groceries, veterans deserve absolute certainty when it comes to providing for their families.”

Ranking member Jerry Moran (R-KS) offered a similar assessment of the importance of the legislation: “Many of these veterans rely on VA for financial support, especially with current rising costs and inflation. Ensuring that their benefits keep pace with these price increases will help provide disabled veterans and certain surviving spouses and children with peace of mind.”

At a time of increased inflation, veterans who rely on a fixed income are placed at an unacceptable risk of seeing their checks dwindle to the point of choosing between life’s necessities placing themselves and their families at risk.

It is especially commendable that this law passed both chambers unanimously less than three months after its introduction. We thank Chairman Tester and Ranking Member Moran for their continued support for our nation’s blind and low vision veterans, ensuring that they are protected against the current economic headwinds.