Sen. Joni Ernst wants to cut former presidents' pensions if they make $400,000 a year

Sen. Joni Ernst of Iowa introduced legislation that would reduce former presidents' taxpayer-funded benefits if they earned more than $400,000 a year.

Ernst cited significant speaking fees provided to former President Barack Obama and former first lady Michelle Obama as one justification for the legislation.

The bill would also increase the pension for surviving spouses of former presidents to $ 100,000 .