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Senate Hearing For Treasury Nominee Lew Set For Next Wednesday

Senate Hearing For Treasury Nominee Lew Set For Next Wednesday

Treasury secretary nominee Jack Lew will face tough questions from Republican lawmakers when the Senate Finance Committee hosts his confirmation hearing next Wednesday.

Lew, Obama's current chief of staff, is accused by GOP members of twice breaking Medicare budget law by failing to submit a funding plan by the first Monday each February, as required.

He was budget director in 2010 and 2011 when the Obama administration failed to comply with the Medicare law to resolve funding warnings.

A letter from eight Republicans on the Senate Budget Committee raised the issue to the White House Monday.

"The administration has failed each of the last four years to respond to these funding warnings despite receiving several communications from Congress urging them to comply," the senators wrote.

Because the Treasury secretary will be responsible for issuing future Medicare funding warnings, "we need a better understanding of the administration's decision not to comply with Medicare law and Mr. Lew's role in that decision," they added.

Senate Finance Committee Chairman Max Baucus, a Democrat, says his group will question Lew about his experience, his views on fiscal policy and ideas for spurring economic growth.

"We have a tremendous amount of work to do over the next couple months to get our fiscal house in order. It is my hope that — after a thorough vetting process - Jack Lew will be quickly confirmed so he can help tackle our country's pressing economic issues," Senator Baucus said.

If confirmed, Lew will replace outgoing secretary Timothy Geithner.

by RTT Staff Writer

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