WASHINGTON, D.C. - U.S. Senator Daniel K. Akaka (D-HI), Chairman of the Veterans' Affairs Committee, issued the following statement today regarding President George W. Bush's signing of H.R. 1284, the Veterans' Compensation Cost-of-Living Adjustment Act of 2007:
"I applaud President Bush for signing the Veterans' Compensation Cost-of-Living Adjustment Act of 2007 into law. Failing to provide this COLA would allow inflation to eat away at the value of the compensation veterans receive due to their service-connected disabilities. This legislation will maintain the purchasing power of vital veterans' benefits, including compensation for veterans and assistance for their survivors. The annual COLA is a recognition by the nation that we remain deeply grateful for the service and sacrifices made by veterans young and old.
"As the sponsor of the Senate's compensation COLA bill, I am proud to have supported this legislation to maintain spending power for veterans, including the more than 17,000 recipients of compensation who are served by VA's Honolulu Regional Office."
The Veterans' Compensation Cost-of-Living Adjustment Act of 2007, was signed into law as Public Law 110-111 on Monday, November 5, 2007. This year's cost-of-living increase is 2.3 percent.