Szubin Named Acting Treasury Secretary; Lawmakers Emphasize Trade Role to Treasury Nominee
Treasury Acting Under Secretary for Terrorism and Financial Intelligence Adam Szubin is acting Treasury Secretary as of President Donald Trump's swearing in, Treasury said in a news release (here). Szubin will take over for outgoing Treasury Secretary Jack Lew, and…
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stay in the role until a new secretary is in place, Treasury said. Trump’s nominee for the position, Steven Mnuchin, underwent questioning during a Senate Finance Committee confirmation hearing Jan. 19. Once a new secretary is confirmed, Szubin will leave the government to “pursue other endeavors,” Treasury said. Senate Finance Committee Chairman Orrin Hatch, R-Utah, said ensuring that the next Treasury secretary advances pro-growth trade policies will be a priority, noting in his opening statement (here) that Treasury plays a key role in oversight of customs revenues and international investment agreements. Hatch also signaled concern about the possibility of unilateral import tariffs, saying those proposals need to be "carefully evaluated to ensure they do not hurt us at home." Hatch also called on Trump's Treasury Department to engage more effectively in trade policy consultations with his committee than the Obama administration did. House Majority Leader Kevin McCarthy, R-Calif., introduced Mnuchin, and said the nominee would work with Trump and Congress to implement a trade policy to benefit all Americans.