Secretary Lew received less than a warm welcome in his efforts to repeat the testimony he had presented the previous day in the Senate. As Chairman of the Financial Services Oversight Council, it is his responsibility to present the Council’s Annual Report. Despite the Secretary’s best efforts to begin by defining his role in the ongoing IRS situation involving the handling of applications for non-profit status by various organizations, many, if not most, of the questions concerned the IRS matter.
In addition, Chairman Hensarling’s opening remarks suggested the economic crisis was due, in no small part, to dumb regulations and said the FSOC was in the process of gathering enormous amounts of information on American’s personal finances.
On matters pertaining to FSOC, the Secretary repeated his pledge as FSOC Chairman to bring the members of Council together in their efforts to finalize pending Dodd/Frank regulations As to cross border regulations, Secretary Lew opined that the United States was not going to lower its standards but rather work to raise international standards to comparable U.S. regulatory levels.