Skip to content
Options Trading Report

Options Trading Report

Primary Menu
  • Home
  • Business
  • Domestic
  • Economy
  • Money
  • Top News
  • Newsletters
  • Home
  • 2025
  • April
  • Exclusive-White House wants to defund independent Social Security board, sources say

Exclusive-White House wants to defund independent Social Security board, sources say

Editor April 25, 2025
2025-04-25T181822Z_1_LYNXMPEL3O0VQ_RTROPTP_4_USA-TRUMP-SOCIAL-SECURITY

By Nathan Layne

(Reuters) -The White House wants to defund a bipartisan board that advises the president and Congress on Social Security policy, two sources familiar with the matter told Reuters, as the Trump administration moves to cut costs and eliminate independent voices in government.

The White House’s Office of Management and Budget has notified staff at the Social Security Advisory Board that it plans to cut the board’s annual budget from around $3 million to zero, according to the sources, who spoke on condition of anonymity to discuss non-public budgetary details.

The move to defund the SSAB has not been previously reported

Congress established it in the 1990s as an independent federal agency to provide objective analysis on how to improve Social Security, the popular program that annually pays out $1.4 trillion in benefits to 73 million Americans.

While the board does not have decision-making power, its research has helped shape how the SSA runs itself and facilitated legislation. It has also played a role in important policy debates, including a 2005 effort under then-President George W. Bush to privatize the agency that ultimately failed.

The board’s research was a key building block in a 2018 law that reduced the compliance burden for select categories of people appointed to receive benefits on behalf of those who cannot manage their own payments, while tightening checks for others.

While technically a separate agency, the advisory board’s funding is a line item in the SSA’s budget each year. This month, OMB gave SSA its proposed budget for the next fiscal year from October 1, with funding for the board set at zero, the two sources said.

President Donald Trump and his Republican allies have been trying to downsize the government while removing or restricting voices that could serve as a check on his agenda. His targets have included the 17 inspectors general fired in January whose job was to root out waste and fraud.

Bob Joondeph, the board’s chair, told Reuters he had yet to be formally notified of the funding decision.

“Its strength is its bipartisanship. It’s one of the few places you can go in government and get something that a bunch of people from different parties can reach consensus on,” Joondeph, one of two Democrats on the four-person board, said in an interview.

“The fact that it would be eliminated, to me is symbolic of sort of the larger trends in Washington.”

Tech billionaire Elon Musk’s Department of Government Efficiency has targeted the Social Security Administration for significant cuts, triggering complaints about longer wait times from union officials and advocacy groups. The agency has announced plans to eliminate 7,000 jobs, roughly 12% of its workforce.

The SSA and the OMB did not respond to requests for comment. Neither did the two Republican-appointed members of the board. Joondeph has asked the board’s staff to contact OMB for an explanation of its authority to cut funding, one of the sources said.

The bulk of the board’s budget goes to paying staff. Defunding it will bring its work to a halt, but officially ending the board will require an act of Congress.

Henry Aaron, a senior fellow at the Brookings Institution and a former SSAB chair, said that while the board has produced useful research over the years, its impact has been limited by the need to form a consensus between Republican and Democratic members.

Hal Daub, a former Republican congressman who was board chair from 2002 to 2006, said he believes the board has played an important role providing independent analysis, but he is skeptical it will be missed.

“I don’t see any great groundswell of special interests that would be arguing that it’s so valuable … that it should be exempted from any spending reductions or elimination,” he said.

(Reporting by Nathan Layne in New York, editing by Ross Colvin and David Gregorio)

About the Author

Editor

Administrator

Visit Website View All Posts

Post navigation

Previous: Big tech earnings, US jobs data highlight busy week for markets
Next: Social Security may lose thousands more staff under new Trump rule

Live Market Pulse

The charting technology is provided by TradingView. Learn how to use theTradingView Stock Screener.

Want More Market News?
Add your email address below to get up to date market news and more!
By submitting the form you agree to the Privacy Policy of Options Trading Report and agree to receive our email updates and special offers. As a bonus, you will also get a free subscription to MTA Trade of the Day, Privacy Policy. You will receive special offers and advertisements from Options Trading Report and MTA Trade of the Day and our affiliates. You may unsubscribe at any time.

Search

Recent Posts

  • Walmart defeats shareholder lawsuit over opioid probe disclosures
  • The Dynamic S & P 500 – by Justin Vaughn, Editor, Options Trading Report)
  • Dell slides after weak margins eclipse upbeat full-year forecast
  • Meta’s Zuckerberg pressed Trump on digital taxes before tariff threat, Bloomberg News reports
  • How Tesla and Waymo’s radically different robotaxi approaches will shape the industry

Categories

  • Business
  • Market News
  • Newsletters
  • Options
  • Reflections
  • Top News

You may have missed

2025-08-29T180723Z_2_LYNXMPEL7S0VG_RTROPTP_4_WALMART-LAWSUIT-OPIOIDS.JPG
  • Newsletters

Walmart defeats shareholder lawsuit over opioid probe disclosures

Editor August 29, 2025
New Delhi, India - March 15, 2025. S&P 500 Stock Index Displayed on Smartphone with Bullish Green Candlestick Chart and U.S. Flag Background, Signifying Market Uptrend
  • Market News

The Dynamic S & P 500 – by Justin Vaughn, Editor, Options Trading Report)

Editor August 29, 2025
2025-08-29T100536Z_1_LYNXMPEL7S0EF_RTROPTP_4_DELL-RESULTS.JPG
  • Newsletters

Dell slides after weak margins eclipse upbeat full-year forecast

Editor August 29, 2025
2025-08-28T180645Z_1_LYNXMPEL7R0X7_RTROPTP_4_META-PLATFORMS-VIRTUAL-REALITY.JPG
  • Newsletters

Meta’s Zuckerberg pressed Trump on digital taxes before tariff threat, Bloomberg News reports

Editor August 28, 2025
  • Home
  • Terms of Service
  • Privacy Policy
  • Disclaimer
  • Contact Us
Copyright 2025 © All rights reserved | Options Trading Report | optionstradingreport.com