Source: United States Senator for Pennsylvania Pat Toomey
Washington, D.C — U.S. Senator Pat Toomey (R-Pa.) with Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) and all Finance Committee Republicans sent a letter requesting U.S. Department of Treasury Secretary Yellen provide an update on the status of the Social Security and Medicare trust funds reports, which by law are to be issued annually by April 1.
The reports have rarely been distributed on time in recent years, with the 2021 report not delivered until August 31. While the Government Accountability Office (GAO) has made recommendations to Treasury on process improvements in recent years, the recommendations have not been fully incorporated into the process for developing the trust fund reports. As Managing Trustee of the trust funds, it is the responsibility of the Treasury Secretary to provide these reports to Congress in a timely manner, as required by law, or provide Congress and the American people with explanations for late work.
From the letter:
“The 2021 trustees report was released 152 days late, with little-to-no information provided to the public and to Congress explaining the reasons for, and the expected duration of, the delay.”
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“Before Congress debates any further legislation that impacts either the Medicare or Social Security programs, it is imperative that policymakers have accurate and timely information regarding the financial operations of these critical safety-net programs.”
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“For Congress and the public to provide effective oversight of the Social Security and Medicare programs and trust funds, your role as Managing Trustee of the boards of trustees for Social Security and Medicare requires that you provide timely information as required by the law.”
Read the full letter here.