The Senate Finance Committee holds a confirmation hearing for Treasury Secretary nominee Jacob "Jack" Lew. If approved, he will replace Timothy Geithner.
Among the topics addressed include the state of the economy, strategies for reducing the budget deficits, economic ties with China along with questions about global currency war.
Sen. Orrin Hatch (R-UT), Ranking Member of the Senate Finance Committee, said in a statement that the "We need a better understanding of his role at Citigroup, what his knowledge is of financial markets, whether he supports reforming our tax code, whether he believes in a robust trade policy and what kind of plan the Obama Administration has to confront our skyrocketing debt and our broken entitlement programs. As we move forward, I’m hopeful that Mr. Lew will answer some remaining questions that I have."
According to AP, "After Wednesday's hearing, committee members will have two days to send questions to Lew to answer before they vote. The full Senate could vote on the nomination late this month."
Though Republicans have voiced reservations to Mr. Lew's nomination he is expected to be confirmed.
President Obama nominated White House Chief of Staff Lew as his nominee to replace Sec. Geithner on January 10.