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Nominations of Justin G. Muzinich and Michael J. Desmond Hearing Committee on Finance United States Senate

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Nominations of Justin G. Muzinich and Michael J. Desmond Hearing Committee on Finance United States Senate S. HRG. 115–817 NOMINATIONS OF JUSTIN G. MUZINICH AND MICHAEL J. DESMOND HEARING BEFORE THE COMMITTEE ON FINANCE UNITED STATES SENATE ONE HUNDRED FIFTEENTH CONGRESS SECOND SESSION ON THE NOMINATIONS OF JUSTIN G. MUZINICH, TO BE DEPUTY SECRETARY, DEPARTMENT OF THE TREASURY; AND MICHAEL J. DESMOND, TO BE CHIEF COUNSEL, INTERNAL REVENUE SERVICE, AND ASSISTANT GENERAL COUNSEL, DEPARTMENT OF THE TREASURY JULY 26, 2018 ( Printed for the use of the Committee on Finance U.S. GOVERNMENT PUBLISHING OFFICE 40–487—PDF WASHINGTON : 2020 VerDate Sep 11 2014 15:13 May 21, 2020 Jkt 000000 PO 00000 Frm 00001 Fmt 5011 Sfmt 5011 R:\DOCS\40487.000 TIM COMMITTEE ON FINANCE ORRIN G. HATCH, Utah, Chairman CHUCK GRASSLEY, Iowa RON WYDEN, Oregon MIKE CRAPO, Idaho DEBBIE STABENOW, Michigan PAT ROBERTS, Kansas MARIA CANTWELL, Washington MICHAEL B. ENZI, Wyoming BILL NELSON, Florida JOHN CORNYN, Texas ROBERT MENENDEZ, New Jersey JOHN THUNE, South Dakota THOMAS R. CARPER, Delaware RICHARD BURR, North Carolina BENJAMIN L. CARDIN, Maryland JOHNNY ISAKSON, Georgia SHERROD BROWN, Ohio ROB PORTMAN, Ohio MICHAEL F. BENNET, Colorado PATRICK J. TOOMEY, Pennsylvania ROBERT P. CASEY, JR., Pennsylvania DEAN HELLER, Nevada MARK R. WARNER, Virginia TIM SCOTT, South Carolina CLAIRE MCCASKILL, Missouri BILL CASSIDY, Louisiana SHELDON WHITEHOUSE, Rhode Island JEFFREY WRASE, Staff Director and Chief Economist JOSHUA SHEINKMAN, Democratic Staff Director (II) VerDate Sep 11 2014 15:13 May 21, 2020 Jkt 000000 PO 00000 Frm 00002 Fmt 0486 Sfmt 0486 R:\DOCS\40487.000 TIM C O N T E N T S OPENING STATEMENTS Page Grassley, Hon. Chuck, a U.S. Senator from Iowa ................................................. 1 Wyden, Hon. Ron, a U.S. Senator from Oregon .................................................... 2 ADMINISTRATION NOMINEES Muzinich, Justin G., nominated to be Deputy Secretary, Department of the Treasury, Washington, DC .................................................................................. 5 Desmond, Michael J., nominated to be Chief Counsel, Internal Revenue Serv- ice, and Assistant General Counsel, Department of the Treasury, Wash- ington, DC ............................................................................................................. 6 ALPHABETICAL LISTING AND APPENDIX MATERIAL Desmond, Michael J.: Testimony .......................................................................................................... 6 Prepared statement with attachments ........................................................... 27 Biographical information ................................................................................. 31 Responses to questions from committee members ......................................... 41 Grassley, Hon. Chuck: Opening statement ........................................................................................... 1 Hatch, Hon. Orrin G.: Prepared statement .......................................................................................... 48 Muzinich, Justin G.: Testimony .......................................................................................................... 5 Prepared statement .......................................................................................... 49 Biographical information ................................................................................. 50 Responses to questions from committee members ......................................... 54 Scott, Hon. Tim: Department of the Treasury 2017–2018 Priority Guidance Plan ................. 73 Letter from Hon. Curtis M. Loftis, Jr. to Senator Scott, July 12, 2018 ....... 88 Wyden, Hon. Ron: Opening statement ........................................................................................... 2 Prepared statement .......................................................................................... 90 ‘‘Real Earnings—July 2018,’’ Bureau of Labor Statistics, Department of Labor, August 10, 2018 ................................................................................ 92 (III) VerDate Sep 11 2014 15:13 May 21, 2020 Jkt 000000 PO 00000 Frm 00003 Fmt 5904 Sfmt 5904 R:\DOCS\40487.000 TIM VerDate Sep 11 2014 15:13 May 21, 2020 Jkt 000000 PO 00000 Frm 00004 Fmt 5904 Sfmt 5904 R:\DOCS\40487.000 TIM NOMINATIONS OF JUSTIN G. MUZINICH, TO BE DEPUTY SECRETARY, DEPARTMENT OF THE TREASURY; AND MICHAEL J. DESMOND, TO BE CHIEF COUNSEL, INTERNAL REVENUE SERVICE, AND ASSISTANT GENERAL COUNSEL, DEPARTMENT OF THE TREASURY THURSDAY, JULY 26, 2018 U.S. SENATE, COMMITTEE ON FINANCE, Washington, DC. The hearing was convened, pursuant to notice, at 9:34 a.m., in room SD–215, Dirksen Senate Office Building, Hon. Orrin G. Hatch (chairman of the committee) presiding. Present: Senators Grassley, Thune, Portman, Toomey, Cassidy, Wyden, Cantwell, Menendez, Carper, Cardin, Bennet, Casey, and Whitehouse. Also present: Republican staff: Jeffrey Wrase, Staff Director and Chief Economist; Chris Armstrong, Chief Oversight Counsel; Becky Cole, Policy Director; and Nicholas Wyatt, Tax and Nominations Professional Staff Member. Democratic staff: Joshua Sheinkman, Staff Director; Michael Evans, General Counsel; Ian Nicholson, In- vestigator; Greta Peisch, International Trade Counsel; Tiffany Smith, Chief Tax Counsel; and Jayme White, Chief Advisor for International Competitiveness and Innovation. OPENING STATEMENT OF HON. CHUCK GRASSLEY, A U.S. SENATOR FROM IOWA Senator GRASSLEY [presiding]. I am not Senator Hatch. He will be here shortly. He asked me if I would start the meeting. Welcome to today’s hearing for the nominations of Justin Muzinich to be Deputy Secretary and Michael Desmond to be Chief Counsel for the IRS and Assistant General Counsel for the Depart- ment of Treasury. I am going to enter into the record for Senator Hatch an opening statement that he would make. [The prepared statement of Chairman Hatch appears in the ap- pendix.] Senator GRASSLEY. I would like to welcome everybody to this morning’s hearing and especially extend a very special welcome to our nominees and to congratulate you. I thank both of you for your (1) VerDate Sep 11 2014 15:13 May 21, 2020 Jkt 000000 PO 00000 Frm 00005 Fmt 6633 Sfmt 6633 R:\DOCS\40487.000 TIM 2 willingness to serve in the Treasury Department and Internal Rev- enue Service at a time of great importance for both positions. The President has nominated Mr. Muzinich to be a Deputy Sec- retary of Treasury where, if confirmed, he will have a key leader- ship role across the Department’s activities. The President has nominated Mr. Desmond to be Chief Counsel for the IRS and Assistant General Counsel for the Treasury De- partment. As I have already done, I welcome you now a second time to this hearing. Senator Wyden? OPENING STATEMENT OF HON. RON WYDEN, A U.S. SENATOR FROM OREGON Senator WYDEN. Mr. Chairman, thank you. Would you also, in our tradition, like to give our guests the op- portunity to welcome their families? Senator GRASSLEY. I am going to introduce them. Senator WYDEN. Oh, I see. All right, after my opening statement? Senator GRASSLEY. Yes. Senator WYDEN. Okay, very good. I too would like to welcome our nominees. We are going to be considering the nomination of Justin Muzinich to be Deputy Sec- retary of the Treasury and Mr. Michael Desmond to be Chief Coun- sel at the Internal Revenue Service. Here is where I think things are now: the committee has faced unprecedented levels of stonewalling from the administration on letters and policy issues that I never expected I would see. We would get similar answers from the Treasury if we posed our ques- tions to the statue of Alexander Hamilton outside the Department’s headquarters. It does go back to Secretary Mnuchin’s very first appearance be- fore the committee. I asked then that he work with me to crack down on the abuse of shell companies, a magnet for all manner of shadowy, illicit conduct. Mr. Mnuchin told me that Treasury would get right on it. But a year and a half has passed, and it is business as usual at Treasury on shell companies. And let us be clear, this is not something that is a partisan issue. I have written bipartisan legislation on this matter with Senator Rubio, obviously an influential Republican. Today we are going to ask Mr. Muzinich what he is going to do to end the Treasury stonewalling if he is confirmed. Now I enjoyed our visit a few days ago, and I was particularly struck when you said that you saw yourself simply as being a ‘‘building manager’’ as Deputy Secretary. And so I went and read the newspaper articles about you, these glowing articles praising your financial expertise, previewing your expansive role on tax policy, debt management, and more. It is clear that people ‘‘in the building’’ have a different perspective. Their accounts suggest to me that calling the nominee, Mr. Muzinich, the ‘‘building manager’’ is a little bit like saying an NBA all-star is going to be a nice role-player off the bench. It is clear to me that the nominee, if confirmed, would be the Secretary’s VerDate Sep 11 2014 15:13 May 21, 2020 Jkt 000000 PO 00000 Frm 00006 Fmt 6633 Sfmt 6633 R:\DOCS\40487.000 TIM 3 right-hand man, and that is why we expect answers as to how he is going to fix these long-running problems. Bottom line on the stonewalling matter: committee members and I are not firing off nasty-grams demanding the resignation of every- body who has come within 25 feet of Paul Manafort. We are not asking for anybody’s high school diaries. What we are trying to do is get information that is key to uncovering corruption and
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