Jack Lew won the Senate Finance Committee’s approval to become U.S. Treasury secretary just as lawmakers struggle to avoid across-the-board government spending cuts scheduled to take effect on March 1.
Senate Majority Leader Harry Reid said he expects the full Senate to take up the nomination this week. Lew, 57, President Barack Obama’s former chief of staff and ex-budget director, will replace Timothy F. Geithner, who left last month.
Meanwhile, SEC chief-to-be Mary Jo White will have to wait until next month for her turn.
Mary Jo White appears poised to face a Senate confirmation hearing next month, a crucial step for the former federal prosecutor on her path to becoming the top Wall Street regulator.
Ms. White, whose nomination to lead the Securities and Exchange Commission has lingered for over a month, plans to testify in March before the Senate Banking Committee, three Congressional officials briefed on the matter said on Monday. The committee has not set a firm date for the confirmation hearing, the officials said, though lawmakers have tentatively scheduled her to appear the week of March 11.
Lew Wins Senate Panel Approval as U.S. Treasury Secretary [Bloomberg]
Obama’s Treasury Nominee Got Unusual Exit Bonus on Leaving N.Y.U. [NYT]
Confirmation Hearing for S.E.C. Nominee Said to Be Set for March [DealBook]