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Hearing on the Nomination of Steve Mnuchin to Be Secretary of the Treasury Senate Finance Committee Questions for the Record January 2017

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Hearing on the Nomination of Steve Mnuchin to Be Secretary of the Treasury Senate Finance Committee Questions for the Record January 2017 Hearing on the Nomination of Steve Mnuchin to be Secretary of the Treasury Senate Finance Committee Questions for the Record January 2017 Senator Orrin G. Hatch 1. Last year the Finance Committee reported out a bi-partisan retirement reform bill, on a 26-to-0 vote (S. 3471, 114th Cong.), that included reforms such as additional incentives for small businesses that set up retirement plans, authorization for employers to join so-called "multiple employer plans" so that they can join forces to share the costs of offering a plan, and a provision making it easier for employers to provide, and for employees to purchase, retirement annuities in their 401(k)-type plans. You may not have had a chance to focus on retirement reform legislative issues yet, but retirement reform has been a priority with the Committee for quite some time and has very strong, bipartisan support. Can you assure me that the Treasury Department will work with the Finance Committee in the 115th Congress to enact retirement reform? We understand there are issues with multiemployer plans, and we look forward to working with you and your staff on retirement reform. 2. Trade: Financial Services Data Among my concerns with the Trans-Pacific Partnership, or TPP, agreement is the fact that it failed to prohibit local data storage requirements in the financial services sector. This outcome was inconsistent with the clear direction on data flows that Congress set out in TPA. These types of localization requirements are a serious problem for U.S. financial services companies, who often face pressure to store their data overseas. This increases costs, reduces data security, and in some cases, makes entering markets unfeasible. In short, these measures mean financial services jobs located in the U.S. may have to be moved overseas to meet foreign data localization requirements. I wonder whether you can give me your assurance that, if confirmed, you will combat data localization measures for all industry sectors wherever they appear, and not continue the past Administration’s practice of excluding financial services from those protections or from future trade negotiations. I will work with you and your staff to ensure that the versions of future trade agreements include financial services where appropriate. 3. GSEs As former Treasury Secretary Hank Paulson has stated, the conservatorship of mortgage giants Fannie and Freddie, also known as Government Sponsored Enterprises, or GSEs, were to be a “time out,” while the government decides how to restructure the GSEs. Fannie and Freddie went into conservatorship in 2008 which means that the “time out” has lasted for more than eight full years. Numerous commentators, including analysts at the Federal Reserve, have commented on a need to finally get to restructuring Fannie and Freddie. For example, in a March 2015 Staff Report from the Federal Reserve Bank of New York, analysts wrote that “…there appears to be broad consensus that Fannie Mae and Freddie Mac should be replaced by a private system—perhaps augmented by public reinsurance against extreme tail outcomes…” You also recently echoed the need to get to finality on restructuring Fannie and Freddie, and I’d expect you, as nominee for Treasury Secretary, to be thinking about such issues. The Obama administration has, for the past eight years, shared the view that Congress should pass legislation to reform our housing- finance system. Do you agree with the views of many that the “time out” on the GSE’s ought to end, and Fannie and Freddie need to somehow be restructured or ended? I agree that the United States needs a comprehensive approach to its housing finance policy. With Fannie Mae and Freddie Mac both in conservatorship it is difficult to articulate their long-term role within our housing finance policy. Eight years passed since they entered conservatorship and there has been a significant recovery of housing prices across the country. So that lends itself to be a good time, in my view, to address the desired future state we seek for housing finance in our country. I look forward to exploring with Congress and stakeholders across the public and private sector solutions to this important problem. 4. Role of US in OECD The past several years have seen a focus by the United States and other countries in the OECD to address tax base erosion and profit shifting, or BEPS. Unfortunately, soon after the conclusion of a series of agreed-upon actions to address BEPS, some countries decided to go their own way and take actions that were inconsistent with the agreed-upon actions. Given this, what role, if any, should the United States continue to play at the OECD? The United States Representative to the OECD must vigorously advance the United States' agenda. As a founding member of the organization, the United States should take a leading role in shaping the agenda of the organization. In instances where other nations choose to take actions inconsistent with agreed upon actions, the United States should act in accordance with our best interests. 5. Treasury Oversight of Customs Revenue Functions When the legacy agency to U.S. Customs and Border Protection (CBP) was transferred from the Treasury to the Department of Homeland Security (DHS) in 2002, Treasury retained oversight over the customs revenue functions. A recent report by the Treasury’s Office of Inspector General, however, has determined that Treasury is not providing proper oversight of the customs revenue functions. Do I have your commitment that you will work to ensure that Treasury provides the proper oversight of customs revenue functions of CBP? I will work with you, Mr. Chairman, to ensure that proper oversight occurs of the customs revenue function. 6. Increasing Tariffs Until recently, I have never heard so much discussion of raising tariffs. I understand and support the desire to improve U.S. trade, but higher tariffs are higher taxes. If we raise tariffs, we have to understand we are taxing American families. With that in mind, in what situations do you think it is appropriate to raise tariffs? Congress has created and codified a range of tools that are available to address unfair trade practices and cheating, and in certain tariffs may be appropriate. President Trump has said that our trade policy will ensure that American companies and American workers should benefit. 7. Retirement Policy Last year the Finance Committee reported out a bi-partisan retirement reform bill, on a 26-to-0 vote in fact, that included reforms such as additional incentives for small businesses that set up retirement plans, authorization for employers to join so-called "multiple employer plans" so that they can join forces to share the costs of offering a plan, and legislation making it easier for employers to provide, and for employees to purchase, retirement annuities in their 401(k)-type plans. I don’t know whether you have had a chance to focus on retirement reform yet, but it has been a priority with the Committee for quite some time and, as you can see, has very strong support. Can you assure me that the Treasury Department will work with the Finance Committee in the new Congress to enact retirement reform? Multiemployer plan in many cases are appropriate such that they can join forces and share costs…I look forward to working with you and your staff on this issue 8. IRS Taxpayer Service and Cybersecurity The IRS has faced significant problems over the past several years in providing quality taxpayer service and protecting taxpayer information from cybercriminals. What actions do you think the agency needs to take to increase quality taxpayer services and prevent cybercriminals from accessing taxpayer information and engaging in stolen identity refund fraud? I agree that the IRS can be more effective at providing taxpayer service and protecting taxpayer information. Technology should be used to improve the accuracy and security of tax administration. If confirmed, I look forward to working closely with the IRS Commissioner and other federal officials to achieve this goal. 9. Currency Analysis and Reporting by Treasury and the Role of Congress In order to strengthen the Department of the Treasury’s toolbox for addressing international exchange rate issues, the Congress passed the Trade Facilitation and Trade Enforcement Act – also known as the Customs Bill – last year. This act expanded the Department’s currency analysis and reporting requirements; created a bipartisan advisory committee on international exchange rate policies; and requires enhanced engagement with and, when appropriate, remedial actions against countries of chief concern. Do you agree that in order to address international exchange rate concerns successfully, the Congress and the Administration must work together and within the frameworks of the existing tools that have been authorized? I agree that it is important for Congress and the Administration to work together, utilizing the tools that are authorized by law. 10. Red Tape Our current system of regulation and endless red tape has placed many American businesses in a stranglehold, struggling to keep the lights on. Even public investment in infrastructure, as the Obama administration found when it was seeking “shovel ready” projects but struggled to find them, faces regulatory and permitting obstacles that simply don’t make sense. Writing on a need for infrastructure investment in the country, for example, liberal economist and advisor to Democratic administrations Larry Summers recently asked the following question: “How, we ask, could our society have regressed to the point where a bridge that could be built in less than a year one century ago take five times as long to repair today?” He also wrote that: “progressive advocates of more investment should compromise with conservative sceptics and, in the context of increased spending, accept regulatory streamlining, as well as requirements that projects undergo cost-benefit analysis.
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