Treasury Pick Jack Lew Faces Senate Grilling on Caymans, Bonus

Confirmation Looks Certain Despite Big CItigroup Payout

getty images

By Reuters

Published February 13, 2013.
  • Print
  • Share Share
  • Single Page

(page 2 of 2)

Hatch and others also said they will ask Lew about his knowledge of financial markets, where Lew has admitted to a lack of experience, despite his time at Citigroup.

The treasury secretary serves as chair of the Financial Stability Oversight Council, a panel of banking and market regulators that is close to imposing additional rules on a handful of large, complex financial institutions meant to ensure they do not threaten the stability of the financial system.

Lew lacks the international stature of his predecessor, Timothy Geithner, who had met regulators from around the world as president of the New York Federal Reserve Bank and who was a senior financial diplomat in a prior stint at the U.S. Treasury.

Lew served as deputy secretary of state under Hilary Clinton, but his main responsibility there was managing the State Department’s resources.

His real passion is for budgets. He worked as the White House budget chief twice, first under President Bill Clinton.

“Budgets aren’t books of numbers. They’re a tapestry, the fabric, of what we believe,” he told Congress in 2010.

Analysts said the choice of Lew as the administration’s top economic official signals the importance Obama places on ongoing battles in Washington over the government’s budget.

If confirmed, Lew will take the helm at Treasury as the White House heads into another round of difficult talks with Congress on how to put the United States on a sound fiscal footing.

Senate Democrats are expected this week to reveal a series of targeted spending cuts and tax increases on high earners to replace across-the-board federal spending cuts due to kick in on March 1. Senate Republicans are likely to reject any proposal that includes tax hikes.

In his prepared testimony, Lew spoke out strongly against allowing the automatic cuts to take place on March 1, saying they would impose “self-inflicted wounds” on a fragile economic recovery.


The Jewish Daily Forward welcomes reader comments in order to promote thoughtful discussion on issues of importance to the Jewish community. In the interest of maintaining a civil forum, The Jewish Daily Forwardrequires that all commenters be appropriately respectful toward our writers, other commenters and the subjects of the articles. Vigorous debate and reasoned critique are welcome; name-calling and personal invective are not. While we generally do not seek to edit or actively moderate comments, our spam filter prevents most links and certain key words from being posted and The Jewish Daily Forward reserves the right to remove comments for any reason.





Find us on Facebook!
  • Is it better to have a young, fresh rabbi, or a rabbi who stays with the same congregation for a long time? What do you think?
  • Why does the leader of Israel's social protest movement now work in a beauty parlor instead of the Knesset?
  • What's it like to be Chagall's granddaughter?
  • Is pot kosher for Passover. The rabbis say no, especially for Ashkenazi Jews. And it doesn't matter if its the unofficial Pot Day of April 20.
  • A Ukrainian rabbi says he thinks the leaflets ordering Jews in restive Donetsk to 'register' were a hoax. But the disturbing story still won't die.
  • Some snacks to help you get through the second half of Passover.
  • You wouldn't think that a Soviet-Jewish immigrant would find much in common with Gabriel Garcia Marquez. But the famed novelist once helped one man find his first love. http://jd.fo/f3JiS
  • Can you relate?
  • The Forverts' "Bintel Brief" advice column ran for more than 65 years. Now it's getting a second life — as a cartoon.
  • Half of this Hillel's members believe Jesus was the Messiah.
  • Vinyl isn't just for hipsters and hippies. Israeli photographer Eilan Paz documents the most astonishing record collections from around the world:http://jd.fo/g3IyM
  • Could Spider-Man be Jewish? Andrew Garfield thinks so.
  • Most tasteless video ever? A new video shows Jesus Christ dying at Auschwitz.
  • "It’s the smell that hits me first — musty, almost sweet, emanating from the green felt that cradles each piece of silver cutlery in its own place." Only one week left to submit! Tell us the story of your family's Jewish heirloom.
  • from-cache

Would you like to receive updates about new stories?




















We will not share your e-mail address or other personal information.

Already subscribed? Manage your subscription.