February 06, 2014

Baucus confirmed as ambassador to China

Feb. 7, 2014 – Sen. Max Baucus, D-Mont., was confirmed by a Senate vote of 96-0 to serve as the U.S. ambassador to China Thursday, setting the stage for his departure from chairmanship of the Senate Finance Committee.

Baucus was nominated by President Obama in December, and he was endorsed by the Senate Foreign Relations Committee on Tuesday. Baucus' departure from the Senate means House Ways and Means Committee Chairman Dave Camp, R-Calif., loses a close bipartisan ally in an effort to advance corporate tax reform. However, Sen. Ron Wyden, D-Ore., is next in line to serve as chairman of the Senate Finance Committee. Wyden is also a longtime advocate for the simplification of the tax code.

NAFCU continues to spread the message about the value of the credit union tax exemption for consumers and the economy on Capitol Hill. NAFCU lobbyists continue to hear from the Hill that credit unions' exemption from federal corporate income tax has not been included in any plans drafted on tax reform, but they remain vigilant on any tax reform measures that could impact credit unions.