Sen. Chuck Grassley this week assumes chairmanship of the influential Senate Finance Committee, where he will guide matters affecting the "quality of life" in America through an evenly divided committee.
The Senate earlier this month approved a plan to grant equal representation by Republicans and Democrats on its committees due to the rare 50-50 make-up of the upper congressional chamber. However, the inauguration last weekend of President George W. Bush and Vice President Richard Cheney gives Republicans an edge because the vice president also now serves as president of the Senate, which gives him the authority to cast a tie-breaking vote.
"Although many inside and outside the Beltway may not harbor high expectations for bipartisanship, I've made it my top resolution for the New Year," said Grassley. "As the most senior Republican on the Finance Committee, I will work hard to peel away the layers of partisanship and deliver results on the issues so important to the quality of life in America."
The Finance Committee bears legislative authority to set federal tax policy and make changes to entitlement programs including Social Security, Medicare and Medicaid. What's more, the powerful legislative panel also considers public policy involving international trade, unemployment benefits, welfare, and pensions. Plus, it controls oversight authority over the Internal Revenue Service and the Health Care Financing Administration, which runs Medicare.
"This committee has the potential to improve the quality of life for Americans coming from all walks of life," Grassley said. "From retirees counting on their monthly Social Security checks, to single mothers depending on assistance from federal welfare benefits, to farmers looking for better export opportunities for their commodities, to elderly Americans needing assistance to afford prescription drugs, to millions of taxpayers working hard to make ends meet, action taken or not taken by the Senate Finance Committee can have an enormous impact on their individual situations."
Grassley said he plans to navigate the uncharted waters of an evenly divided committee by putting his nose to the grindstone. "We need to work together to get things done," said Grassley. "Trying to ram something down members' throats would be unproductive. Under my stewardship, the Finance Committee will achieve results by building a consensus and forging coalitions among committee members."
According to the new chairman, the committee agenda for the 107th Congress would include measures to minimize the marriage tax penalty; repeal the estate tax; lower marginal tax rates; increase trade opportunities; simplify the pension system; address Social Security's long-term viability; modernize the Medicare program with a prescription drug benefit alongside other structural reforms; and reauthorize the 1996 Welfare Reform Act.
Currently in his fourth six-year Senate term, Grassley has served on the Finance Committee for 16 of the last 20 years. In addition to his chairmanship of the Finance Committee, Grassley's other assignments in this Congress include seats on the Judiciary, Agriculture and Budget committees, as well as the Joint Committee on Taxes and International Narcotics Control Caucus.