Member access

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

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

02/13/2013 | 07:41pm US/Eastern

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
React to this article
Latest news
Date Title
<1m ago VEROPHARM PAO : Abbott acquires Russian pharmaceutical producer Veropharm
<1m ago ANK BASHNEFT' : Russia's Bashneft likely to remain state-owned for 3 years, Rosimushchestvo says
<1m ago BANKERS PETROLEUM : to spend $218mn on capital projects in Albania next year
1m ago MAIRE TECNIMONT : ADCO awards Tecnimont SpA $2.3bn contract
2m ago ALACHUA COUNTY FL : Health Officials Urge Floridians to Take Precautions to Prevent Carbon Monoxide Poisoning
3m ago Oil companies seen cutting spending 25 percent in 2015 due to falling crude
3m ago ALIBABA : China express delivery revenue up 42% in Jan-Nov
3m ago STANS ENERGY : Total amount of claims against Government reaches $1 bln – MP
3m ago ENERGIX RENEWABLE ENERGIES : Israel's biggest solar energy plant underway
3m ago DELEK : Kushner family back in talks on smaller Phoenix deal
Latest news
Advertisement
Hot News 
DIXONS CARPHONE : Wearable tech on 1 in 3 Christmas wish lists, experts predicting 17 million to own it within three years
PETARDS : Wins GBP1 Million Equipment Deal With Ministry Of Defence
SOITEC : updates its 2015 and 2016 financial guidance
ChinaNet Online Holdings Signs Strategic Partnership Agreement With MediaFun
IRADIMED CORPORATION Resumes Domestic Distribution of Infusion Pumps
Most Read News
1d ago GOODMAN : GMG distribution for the six months ending 31 December 2014
3h ago DAVIDE CAMPARI MILANO : Sale of Limoncetta di Sorrento in Italy and sale of the Federated Pharmaceutical division in Jamaica
3h ago ADHERE CREATIVE : Named 'Platinum Partner' by Renowned Marketing Company HubSpot
3h agoDJAlstom to Pay $772 Million to Settle Bribery Charges -- 2nd Update
3h ago BLOOMSBURY PUBLISHING : Acquisition of Osprey Publishing Limited
Most recommended articles
3m ago Oil companies seen cutting spending 25 percent in 2015 due to falling crude
4m ago IMF says drop in oil prices to persist, help global growth
10m agoDJGOLDMAN SACHS : Sells Aluminum Business to Swiss firm
16m ago Shares higher on year-end buying, ECB stimulus hints
17m ago Shares higher on year-end buying, ECB stimulus hints
Dynamic quotes  
ON
| OFF