Baucus nominated as next ambassador to China

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Dec. 23, 2013 – President Obama on Friday officially nominated Senate Finance Committee Chairman Max Baucus, D-Mont., as the United States’ ambassador to China.

Baucus' nomination will require confirmation by the Senate.

With Baucus’s Senate departure likely, House Ways and Means Committee Chairman Dave Camp, R-Calif., has lost a close bipartisan ally in the effort to advance corporate tax reform during this session of Congress. Still, Sen. Ron Wyden, D-Ore., a longtime advocate for simplification of the tax code in his own right, is next in line to take the Senate Finance gavel.

NAFCU continues to educate members of Congress about the value of the credit union tax exemption to consumers and the economy.   

While NAFCU lobbyists continue to hear from the Hill that credit union’s exemption from federal corporate income tax has not been included in any plans drafted on tax reform, they remain vigilant on any tax reforms that could impact credit unions heading into 2014.  

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