May 08,2009

Finance Committee Considers Nomination of Neal Wolin to be Deputy Secretary of the Treasury

Washington, DC – Senate Finance Committee Chairman Max Baucus (D-Mont.) in a nomination hearing today urged Deputy Secretary of Treasury Designate Neal Wolin to maintain focus on key Finance Committee items as he looks to his new role at the Treasury Department, such as improving tax compliance and enforcement, ensuring global competitiveness in tax reform, curbing excessive executive compensation, and managing America’s relationship with China. Baucus also advised Wolin to open lines of communication with members of Congress as a means of sustaining relations and progressing policy objectives.

“This morning we found out the jobless rate is still climbing. This means our economic recovery effort is just as urgent today as it was six months ago. I want to impress upon you how important it is to lock down the outstanding questions and ideas from this committee on tax reform and tax compliance, and executive compensation, so that we can better protect taxpayers and move forward on providing solutions for American families and businesses,” Baucus said. “Critical to this end will be communicating with Congress regularly, and in a forthright manner, so that we work together on resolving these issues.”

Baucus requested that, if confirmed, Wolin and Treasury present the Finance Committee with a proposed system of metrics and accountability to better track progress on efforts to close the “tax gap” – $345 billion annually in legally-owed but unpaid taxes. Baucus set a deadline for Treasury to submit the plan within two months from today.

The schedule for a Committee vote on this nomination will be determined and announced in the coming days.