Jack Lew, right, with President Obama. (Photo: AP)
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from The Advisor's Professional Library- Nothing but the Best Execution Along with the many other fiduciary obligations owed by RIAs, firms owe a duty to seek best execution of clients’ transactions. If they fail to do, RIAs violate Section 206 of the Investment Advisers Act.
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Senate Finance Committee Chairman Max Baucus, D-Mont., announced Wednesday that he will convene a hearing on Feb. 13 to consider the nomination of White House Chief of Staff Jacob “Jack” Lew to be the next Treasury Secretary.
Lew is sure to face a tough grilling from lawmakers, as President Barack Obama’s recent swath of nominations have been challenged by the courts.
Baucus, while in favor of Lew as Timothy Geithner’s replacement, said in a statement that he will question Lew about his experience, his views on fiscal policy and ideas for spurring economic growth.
“We have a tremendous amount of work to do over the next couple months to get our fiscal house in order. It is my hope that—after a thorough vetting process—Jack Lew will be quickly confirmed so he can help tackle our country’s pressing economic issues,” Baucus said.
President Obama nominated Lew on Jan. 10 to replace the retiring Treasury Secretary Geithner.
Geithner plans to write a book about the U.S. response to the 2008 financial crisis, according to Bloomberg.
Geithner, 51, will write about his decision-making role at the Treasury the last four years and as president of the Federal Reserve Bank of New York from 2003 to 2009, Bloomberg reported Wednesday.
Geithner also plans to join the Council on Foreign Relations in February as a full-time distinguished fellow in New York, the news agency reported.
