GOP senators to grill Treasury Dept. nominee Jack Lew on his time at Citigroup

[WestVirginiaRebel]

Washington Post:

GOP senators plan to ask pointed questions about Jack Lew’s work at Citigroup — and his pay at the bailed-out bank — when the Treasury nominee appears before a Senate panel for his confirmation hearing Wednesday, officials said Monday.

Some Republicans think Lew has not provided satisfactory answers about his exact responsibilities at the bank during the financial crisis, congressional staffers say. The issue is relevant, they say, because the Treasury secretary has new responsibilities for overseeing Wall Street.

“If taxpayers are going to prop up failed banks, they have a right to know what a key executive like Mr. Lew did at that time,” said Sen. Orrin G. Hatch (R-Utah), ranking Republican on the Senate Finance Committee, which is vetting Lew. “The American people will want to know what his role was there and how that might have prepared him for this critical job after the most severe financial crisis and prolonged economic downturn in generations.”

For the past two weeks, members of the committee have been reviewing Lew’s tax returns and personal records. The nominee has sat down for hours of interviews.

An administration official involved with his confirmation process said Lew was focused on consolidating costs for the firm’s operations rather than acting as an investment banker. The official added that having been through his experience at Citigroup, Lew understands the dangers of banks taking on too much risk — and that he would carefully implement financial reform to avoid a similar catastrophe from occurring again.

The official spoke on the condition of anonymity because the confirmation hearing has not taken place. Lew has said that he was merely a manager, not a financial expert, at the bank.

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So would he be just a "manager" for the Treasury Department as well?