In prior Congresses, Rep. Barney Frank (D-MA) has introduced bills
that would limit the penalty to a total of 10 percent, payable only for
twice the number of years a person delayed filing for Part B. In the
above example, under Frank's bill, the penalty for a 10 year delay
would be only $4.38 per month, payable for twenty years. 
                       
Rep. Frank has introduced H.R.1177 in the 107th Congress, which is the same
bill as he has introduced in the past. The bill has been referred to
both the House Ways and Means Committee and the House Commerce Committee.

There is no companion bill in the Senate.