Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

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 CET

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
Latest news
Date Title
05:16aDJNEWS HIGHLIGHTS : Top Energy News of the Day
05:16aDJNEWS HIGHLIGHTS : Top Financial Services News of the Day
05:14a MINISTRY OF INDUSTRY INVESTMENT AND COMMERCE OF J : Industrial Starch Market Poised for Growth
05:14a MINISTRY OF INDUSTRY INVESTMENT AND COMMERCE OF J : Stanberry recommends restructuring and repositioning of sugar industry
05:14a LONGFOR PROPERTIES : Announcement of annual results for the year ended ...
05:13a Exclusive - South Korean group in advanced talks to buy stake in AirAsia leasing unit - sources
05:13a BOJ's Kuroda says there's no reason to withdraw monetary stimulus now
05:04a SYRAH RESOURCES : Appendix 4G and Corporate Governance Statement
05:03a Oil edges up as Saudis cut supplies to U.S., but global glut remains
05:02a CORUS ENTERTAINMENT : Dallas Cormier's Second Chance is Cut Short as he Becomes the First Veteran Houseguest Evicted from the BBCAN Odyssey
Latest news
Advertisement
Hot News 
0.08%Riverstone, Retired Energy Executive Get Billion-Dollar Check to Shop in Oil Patch
Most Read News
03/23 Twitter explores subscription-based option for first time
03/23 DAIMLER : China's Chery files trademark complaint against Mercedes over green car brand
03/23 AMAZON COM : wins $1.5 billion tax dispute over IRS
03/23 JBS : EU asks Brazil to suspend meat shipments amid scandal - sources
03/23 Deutsche Bank signs up new London headquarters in show of faith in Brexit Britain
Most recommended articles
03/21 UK to investigate any UK banking involvement in 'Laundromat' case
12:01aDJOil Flat Ahead of Monitoring Committee Meeting
03/23DJSAMSUNG ELECTRONICS : Restructuring Plan Faces Challenges
03/23 Politics weigh as Korea's KEPCO eyes the Toshiba nuclear option
03/23 TOSHIBA : shares rise 6 percent after Effissimo increases stake