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For Immediate Release
February 20, 2013

Grassley Disappointed in Treasury Secretary Nominee’s Responses

M E M O R A N D U M

To:    Reporters and Editors
Re:    Treasury nominee responses to questions
Da:    Wednesday, February 20, 2013

Treasury Secretary nominee Jack Lew responded to the Finance Committee senators’ questions for the record this afternoon.  Sen. Grassley’s portion is available here.  Here’s a comment from Sen. Grassley:

“Mr. Lew has a lack of knowledge or a poor memory of some of the perks he received through his tenure at New York University and Citigroup.  Most people who receive a $1.4 million loan from their employer remember the terms.  I was surprised Mr. Lew was unable to recall them.  His lack of recall is distressing, considering how much debt New York University students take on and how much they pay in tuition.  I asked him for a full explanation of the terms of the loan and relevant documents.  He did not provide adequate detail or the documents.  I’m conveying to the Finance Committee chairman that the level of detail Mr. Lew has provided so far about the loan is unsatisfactory, and I’m requesting more detail before the committee is asked to vote on the nomination.  Mr. Lew’s boss, the President, continually expresses concern about college affordability, so it’s important to know whether Mr. Lew enjoyed financial perks as a university executive even as students weathered tuition increases and debt.  Universities are tax exempt to fulfill their mission of educating students, and executive compensation is part of the picture toward understanding how well universities fulfill their mission.”