Log in
Login
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 

U.S. Senate Committee on Finance : Baucus Says Jobs, Economic Growth Should Be Lew’s Focus as Treasury Secretary

share with twitter share with LinkedIn share with facebook
share via e-mail
0
02/14/2013 | 01:41am CEST

For Immediate Release
February 13, 2013

Contact:

Sean Neary/Meaghan Smith
202-224-4515

Baucus Says Jobs, Economic Growth Should Be Lew's Focus as Treasury Secretary

Finance Chairman: America needs a Treasury secretary in place and on the job to navigate the challenges ahead

Washington - At a Senate Finance Committee hearing today to consider the nomination of White House Chief of Staff Jacob "Jack" Lew for Treasury secretary, Chairman Max Baucus (D-Mont.) pressed Lew to remain laser-focused on jobs and economic growth and asked Lew to commit to helping with comprehensive tax reform.  Senator Baucus said Mr. Lew and the Treasury Department will face tough fiscal and economic challenges.  He urged Lew to focus on three objectives if confirmed: boosting job creation, reforming the tax code, and helping make fiscal policy more stable to address the deficit and give families and businesses economic certainty. 

"We will count on Mr. Lew's deep experience and expect him to act as a real partner to help us enact comprehensive tax reform to make the system fairer for families and help U.S. businesses compete and create jobs.  With the economy still fragile, we cannot take our eyes off the ball - the economy and job creation.  Our economy needs certainty and stability to get back to full strength," Senator Baucus said.  "The March 1 deadline for the sequester is quickly approaching.  America needs a Treasury secretary in place and on the job to help navigate the many economic challenges ahead.  My hope is that we will pass Mr. Lew out of committee on a bipartisan basis and he will be approved on the Senate floor."

During the hearing, Senator Baucus said that the next Treasury secretary will need to continue working to boost job creation and economic growth.  According to Congressional Budget Office projections, the unemployment rate will remain high - 8 percent in 2013 and 7.6 percent in 2014 - unless Congress and the administration act to boost job creation.  Senator Baucus stressed the need for the Treasury secretary to lead the president's economic team and work with Congress to spark job growth and help small businesses hire.

Senator Baucus said that tax reform will continue to be a top priority for the committee in 2013, adding that the world has changed dramatically since the last tax code overhaul in 1986.  He said that as Treasury secretary, Lew will be in a position to partner with the Finance Committee to help make tax reform a reality.  

Lew agreed with Senator Baucus that the American people want tax reform to happen, and said he sees it as an opportunity to simplify the code for families and allow businesses to spend more time focused on their own operations, rather than on tax compliance.  He added that tax reform can attract investment and help make U.S. businesses more competitive.

The Senate Finance Committee is already hard at work on tax reform, having held more than 30 hearings over the last two and a half years.

Senator Baucus also said that as Treasury secretary, Lew must help end the roller coaster of fiscal crisis after crisis that has weighted down the economy with uncertainty.  Achieving more stability in fiscal policy and addressing the deficit in a balanced way, the senator added, will give families and businesses confidence and boost the economy's outlook.

The Finance Committee will next allow time for Lew to respond to follow-up questions from committee members.  Once that period is completed, the committee will meet to vote on Lew's nomination.  If his nomination is approved, it will then go to the full Senate for consideration.

Lew has been confirmed by the Senate three times before, twice as director of the White House Office of Management and Budget and once as deputy secretary of State.  In both of the two votes held during the current administration, Lew's Senate confirmation was unanimous either by voice vote or unanimous consent.

###

distributed by
share with twitter share with LinkedIn share with facebook
share via e-mail
0
React to this article
Latest news
Date Title
05:38p ISTAR : Greetings from Asbury Park, opening first hotel in 50 years
05:34p NEXTDC : Bringing the ecosystem to life with NEXTworking
05:31p EMAAR PROPERTIES PJSC : Q1 net profit soars 17 per cent
05:24p NATIONAL GRID : Lawmakers seek greater role for wind power
05:24p MANCHESTER UNITED : Leicester City draw with Manchester United to put Premier League title bid on hold
05:23p FOR THE RECORD : Commercial building permits, partnerships, bankruptcies
05:19p SOLVAY : Homes evacuated after gas leak
05:18p JUVENTUS FOOTBALL CLUB : celebrates Serie A title with 2-0 win over Carpi
05:18p ENVISIA THERAPEUTICS : To Present At ARVO 2016 Annual Meeting
05:16p ASIAN TERMINALS : ATI declares 46% of 2015 net income as dividends
Latest news
Advertisement
Hot News 
ANDALAS ENERGY AND POWER : Issue of Zero Coupon Loan Note
6D GLOBAL TECHNOLOGIES, INC : Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K)
AVOLON : sustains strong performance as fleet increases to over 400 aircraft
PETRO MATAD : Expecting "Highly Material" Compensation From Partner
HML : Director Dealing April 2016
Most Read News
04/30 Inbox Blueprint 2.0 – Anik Singal Launches an Easy to Follow Online Marketing Program for Beginners in Email Marketing
04/30 LIPOSUCTION VS. TUMMY TUCK : Which Is Right for Me?
04/30 Derma Essence Facial Serum – Critical Information Released
12:27a FIRST : ® Hosts 20,000+ Students at World’s Largest Robotics Competition
04/30 ACF AUSTRALIAN CONSERVATION FOUNDATION : Coal or coral? Greens plan puts choice in focus
Most recommended articles
10:42a Exclusive - Qatar fund uses more external managers, cuts focus on Europe
09:50a German industry expects output to grow despite weaker exports, BDI says
09:27aDJECB's Coeuré Defends Bank's Policies to German Audience
08:37aDJNew-Car Sales in France Rose 7.1% in April
08:29aDJNorth Sea Helicopter Operators Making Backup Plans After Norway Crash--Update