January 13,2009

Baucus, Grassley Comment Regarding Treasury Nominee Geithner


To: Reporters and Editors

From: Carol Guthrie for Finance Chairman Max Baucus (D-Mont.)
Jill Kozeny for Finance Ranking Member Chuck Grassley (R-Iowa)

Re: Documents related to Treasury Secretary Nominee Tim Geithner

The Senate Finance Committee is releasing today several documents related to the nomination of Timothy Geithner to be Secretary of the U.S. Treasury. The documents, compiled from information received and discovered in the Finance Committee’s vetting process for the nominee, reflect certain errors in the nominee’s past tax returns and an issue with the legal work status of a former household employee. Steps have been taken by the nominee to bring tax returns into compliance.

Senate Finance Chairman Baucus and Ranking Member Grassley are releasing the information after discussions with the nominee and with the presidential transition team. The Senators expect to announce a date for Mr. Geithner’s confirmation hearing soon. Along with the documents, the Senators are issuing a short joint statement:

“The Finance Committee is charged with the thorough vetting of all nominees whose confirmations fall under our jurisdiction. When errors or issues of concern are discovered, transparency is vital to allow members of the Committee and the entire Senate to fully review and assess the relevant information before hearings and votes occur. These documents are released to ensure such transparency. The Committee, and we as individual Senators, will continue to review Mr.Geithner’s tax returns and other information in advance of a nomination hearing.”

Issues detailed in the attached documents include adjustments to Mr. Geithner’s previous tax returns based on a failure to pay self-employment taxes during his employment at the International Monetary Fund, and the ineligibility of a former household employee of the nominee to work legally in the United States for a portion of her time of employment by Mr. Geithner.