What You Need to Know
- Treasury should have released the report by April 1.
- Crapo told Yellen to provide Congress and the American people with an expected delivery date.
- Congress will consider additional legislation impacting mandatory programs during the remainder of this year.
Sen. Mike Crapo, R-Idaho, ranking member of the Senate Finance Committee, pressed Treasury Secretary Janet Yellen Friday to explain the “outsized delay” in the release of the trustees’ reports for Social Security and Medicare, which should have been issued on April 1.
“It is now early August, and Treasury officials have not yet contacted my staff regarding the anticipated release date for the reports,” Crapo told Yellen in his letter. “This lack of transparency and accountability over important federal programs like Social Security and Medicare to inquiries from a Committee of jurisdiction is concerning.”
According to a July 2019 report by the Government Accountability Office, 2008 was the last year in which the statutory deadline to release the reports had been met, Crapo said.
“The 2020 report was 21 days overdue, missing the deadline by fewer days than the past decade’s average, yet still late. The 2021 report has not yet been issued, and is 126 days overdue,” Crapo told Yellen.