WASHINGTON – U.S. Senator Mike Crapo (R-Idaho), Ranking
Member of the U.S. Senate Finance Committee, delivered the following remarks at
a hearing to consider the nomination of Wally Adeyemo to serve as the Deputy Secretary of the
Treasury.
The text of Chairman
Crapo’s remarks, as prepared, is below.
“The Treasury Department leads and oversees a vast
array of issues of importance to Americans and the U.S. economy, including: economic
policy, such as tax policy and economic stability; managing the U.S.
government’s finances and debt; financial markets and institutions; illicit
finance and financial sanctions; trade and global organizations, like the G-7,
G-20 and IMF; and the Social Security and Medicare trust funds.
“The Deputy Secretary of the Treasury stands at the
forefront of many of these issues, advising the Treasury Secretary on the
activities and policies of Treasury departments and programs, and even
sometimes serving as a liaison between the Secretary and Congress.
“In the last Administration, I worked closely with
former Deputy Secretary Justin Muzinich on a number of matters, including economic
support for individuals, businesses and financial markets impacted by COVID-19
in the CARES Act; and combatting money laundering and illicit finance as a part
of beneficial ownership and BSA/AML reform, and more.
“If confirmed as Deputy Secretary of the Treasury,
Mr. Adeyemo would be no exception in actively engaging in many initiatives with
Congress.
“Mr. Adeyemo has served throughout his career in a
number of different roles in government related to economic and financial
issues, such as in the Treasury department, the National Economic Council of
the White House and the Consumer Financial Protection Bureau.
“During his time at Treasury and the NEC under the
Obama Administration, he was involved in international policy, engaging with
foreign officials and advocating for U.S. interests abroad, including as the
President’s representative to the G-7 and G-20, as well as the chief negotiator
for the macroeconomic aspects of the Trans-Pacific Partnership.
“He has also held positions at private and
nonprofit organizations, including as a senior advisor at BlackRock between
2017 and 2019, and as the Editor of the Hamilton Project at the Brookings
Institution.
“In addition to accumulating diverse relevant
experiences, it is important to understand the framework through which nominees
think about and formulate policy. During
this hearing, I look forward to understanding more about Mr. Adeyemo’s thoughts
on his priorities at Treasury; how the U.S. can stay competitive globally
through tax policy; additional COVID-19 funding and its potential impacts on
the U.S. economy and fiscal sustainability going forward; protecting national
and financial security, and curbing illicit activities; and promoting U.S.
interests abroad and curbing bad actors.
“Even since his time in the Obama Administration,
there has been an evolution in the challenges facing the nation’s economy, and
national and financial security.
“For example, the U.S. has grappled with the
COVID-19 pandemic and the economic consequences of government-mandated
shutdowns since the beginning of last year, which have since eased.
“Congress worked across the aisle multiple times in
2020 to provide unprecedented economic support to individuals, families and
businesses most affected by COVID-19, including the CARES Act in March,
additional PPP funding in the summer and the most recent COVID-19 relief
package in December.
“Senator Wyden
indicated this crisis has exacted a terrible toll on America, and he’s
right. I agree with that, and agree that another COVID relief package is
appropriate. There are some disagreements on the scope and content of
that package, though.
“Unfortunately, Democrat Leadership have apparently charted a path
toward a massive untargeted $1.9 trillion package that may even by-pass this
committee, and there remain many questions about it – not necessarily the need
for a package, but for the potential impact of the many non-COVID partisan
policies included.
“COVID relief is just one example of an area where the Deputy Secretary
has played an active role in the past toward bipartisan solutions, and I look forward to working with you, Mr.
Adeyemo, to achieve that same result this time as we move forward.
“Mr. Adeyemo also comes with private sector experience that can help
him in dealing with these issues in providing the kind of advice and support
that we need when discussing these critical issues.
“Finally, in your past government roles, you played a role in the
international and national security space working on various international
economic issues, including trade and investment-policy agendas, CFIUS and
engagement with multilateral development banks.
“It has also been noted that you were the chief
negotiator in the Trans Pacific Partnership.
“Noting these issues, I am interested to hear your
views on the work we did last Congress on beneficial ownership and anti-money
laundering; your view on sanctions; and how you will include views of Congress,
from both sides of the aisle, in deliberations at international forums.
“Thank you for joining the Committee today, and I
look forward to your testimony.”
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