WASHINGTON, D.C. – Sen. Orrin Hatch, ranking member of the Senate Finance Committee, issued the following statement Thursday, after President Obama nominated Jacob Lew to replace Tim Geithner as Treasury Secretary.

“The Secretary of the Treasury occupies one of the most significant roles in our government: Directing far-reaching policies that impact nearly everyone, from middle-class families and Main Street businesses to major corporations and our international allies. The Senate, as is its role under the Constitution, and the Finance Committee in particular, in examining Mr. Lew’s nomination to serve as Treasury Secretary, have an obligation to carefully, thoroughly and fairly vet and scrutinize the president’s nominees.

“As I told the president (Wednesday), it’s imperative that Mr. Lew outline the administration’s plans on tackling our unsustainable debt, what areas of federal spending should be cut, and what kind of reforms — from our tax code to our entitlement programs – are needed to get our fiscal house in order. Since Mr. Lew participated in numerous budget negotiations with Congress and with four consecutive years of over $1 trillion deficits, the American people deserve to know not only that this nominee is qualified for the job, but also what policies the White House supports to get federal spending under control. That is the Finance Committee’s task as we move ahead with considering this nomination and those are the questions I need answered before deciding whether or not to support this nomination.”

On Thursday, Sen. Mike Lee, a member of the Joint Economic Committee, also released a statement regarding Lew’s nomination:

“As the country struggles with a painfully slow economic recovery, Washington needs leaders who are willing to support reforms that will put us on a sustainable fiscal path. Unfortunately, the nomination of Jacob Lew as Secretary of Treasury signals that the president will continue to pursue the same failed policies of the previous four years: Higher taxes, more spending, and more debt. It virtually guarantees the president will not compromise on entitlement reform, and assures that the White House will fight to maintain the status quo of our deeply dysfunctional system. At a moment when the president could have shown a willingness to work with Republicans to fix the challenges that face the country, he has instead moved in a disappointing direction.”

Submitted by: The offices of Sen. Orrin Hatch and Sen. Mike Lee

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