(The following statement from the Office of U.S. Senator Chuck Grassley
was received by e-mail and was reformatted. The sender verified the statement.)
Treasury Secretary nominee Jack Lew responded to all of the Finance Committee
senators' questions for the record this afternoon. Sen. Grassley's portion is
attached. 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."
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