February 04, 2014

Baucus okayed as ambassador to China

Feb. 5, 2014 – Sen. Max Baucus, D-Mont., was endorsed by a voice vote of the Senate Foreign Relations Committee to serve as the U.S. ambassador to China Tuesday, which brings him a step closer to the end of his tenure as Senate Finance Committee chairman.

Baucus was nominated by President Obama in December, and his confirmation vote in the Senate could take place as early as this week. Baucus' departure from the Senate means House Ways and Means Committee Chairman Dave Camp, R-Calif., has lost 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.