Senate Approves Jack Lew as New Treasury Chief

Getty Images

By Reuters

Published February 27, 2013.
  • Print
  • Share Share
  • Single Page

(page 2 of 2)

His status as an Obama confidant may give him more authority in representing the administration during fiscal talks. But his close relationship with the White House has also raised some hackles.

“He’s got a political staff mentality, not an august, independent personality of leadership,” said Senator Jeff Sessions, the top Republican on the Senate Budget Committee, who had pressed lawmakers to vote against Lew.

During the confirmation process, Lew also had to confront questions about his investment in the Cayman Islands tax haven and a nearly $1 million bonus he received from Citigroup in 2009, just before the bank got a taxpayer-funded bailout.

And Republican Senator Charles Grassley of Iowa berated Lew for not disclosing more details about a $1.4 million loan he received while working as an executive with New York University.

LONG TO-DO LIST

Senator Max Baucus of Montana, the Democrat who chairs the Finance Committee, had wondered if Lew had sufficient gravitas to be the chief U.S. economic spokesman during a committee hearing this month.

But he later endorsed Lew for the post, commending his commitment to bipartisanship.

“If confirmed, we’ll be entrusting Mr. Lew to oversee America’s economic policy,” Baucus said before the Senate vote. “It is a great responsibility, one I believe Mr. Lew will live up to.”

Lawmakers in both parties praised Lew when he said revamping the byzantine U.S. tax code would be a top priority. But prospects for achieving tax reform are clouded by Washington’s constant fiscal fights.

The new secretary also will also have to deal with the growing clout of China.

He has pledged to press the world’s second-largest economy to further loosen its currency restrictions. Lawmakers have complained China keeps the value of the yuan artificially low to boost its exports, hurting American manufacturers.

Other delicate tasks for Lew include implementing new financial regulations and finding a way to wind down government-controlled mortgage finance giants Fannie Mae and Freddie Mac, which have drawn almost $190 billion from the Treasury.


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!
  • Talk about a fashion faux pas. What was Zara thinking with the concentration camp look?
  • “The Black community was resistant to the Jewish community coming into the neighborhood — at first.” Watch this video about how a group of gardeners is rebuilding trust between African-Americans and Jews in Detroit.
  • "I am a Jewish woman married to a non-Jewish man who was raised Catholic, but now considers himself a “common-law Jew.” We are raising our two young children as Jews. My husband's parents are still semi-practicing Catholics. When we go over to either of their homes, they bow their heads, often hold hands, and say grace before meals. This is an especially awkward time for me, as I'm uncomfortable participating in a non-Jewish religious ritual, but don't want his family to think I'm ungrateful. It's becoming especially vexing to me now that my oldest son is 7. What's the best way to handle this situation?" http://jd.fo/b4ucX What would you do?
  • Maybe he was trying to give her a "schtickle of fluoride"...
  • It's all fun, fun, fun, until her dad takes the T-Bird away for Shabbos.
  • "Like many Jewish people around the world, I observed Shabbat this weekend. I didn’t light candles or recite Hebrew prayers; I didn’t eat challah or matzoh ball soup or brisket. I spent my Shabbat marching for justice for Eric Garner of Staten Island, Michael Brown of Ferguson, and all victims of police brutality."
  • Happy #NationalDogDay! To celebrate, here's a little something from our archives:
  • A Jewish couple was attacked on Monday night in New York City's Upper East Side. According to police, the attackers flew Palestinian flags.
  • "If the only thing viewers knew about the Jews was what they saw on The Simpsons they — and we — would be well served." What's your favorite Simpsons' moment?
  • "One uncle of mine said, 'I came to America after World War II and I hitchhiked.' And Robin said, 'I waited until there was a 747 and a kosher meal.'" Watch Billy Crystal's moving tribute to Robin Williams at last night's #Emmys:
  • "Americans are much more focused on the long term and on the end goal which is ending the violence, and peace. It’s a matter of zooming out rather than debating the day to day.”
  • "I feel great sorrow about the fact that you decided to return the honor and recognition that you so greatly deserve." Rivka Ben-Pazi, who got Dutchman Henk Zanoli recognized as a "Righteous Gentile," has written him an open letter.
  • Is there a right way to criticize Israel?
  • From The Daily Show to Lizzy Caplan, here's your Who's Jew guide to the 2014 #Emmys. Who are you rooting for?
  • “People at archives like Yad Vashem used to consider genealogists old ladies in tennis shoes. But they have been impressed with our work on indexing documents. Now they are lining up to work with us." This year's Jewish Genealogical Societies conference took place in Utah. We got a behind-the-scenes look:
  • 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.