New Ways and Means Ranking Member Selected; Mnuchin Nominated to Serve as Treasury Secretary

Legislative Activity

Representative Richard Neal to Serve as Ways and Means Ranking Member

In the wake of current Ways and Means Committee Ranking Member Sandy Levin’s (D-MI) decision to step down from chief Democrat of the House Ways and Means Committee, Representatives Richard Neal (D-MA) and Xavier Becerra (D-CA) both threw their names in the rings to take over as the Committee’s Ranking Member. However, after being nominated and accepting to serve as California’s Attorney General, Representative Becerra withdrew his name from the race, leaving Representative Neal as the Committee’s future minority leader.

Regulatory Activity

Trump Nominates Mnuchin to Serve As Treasury Secretary

After week’s of speculation, President-Elect Donald Trump has officially selected former Goldman Sachs alumni, Steven Mnuchin, to serve as his Administration’s Treasury Secretary. Following his nomination, Mr. Mnuchin made clear that tax reform is his “number one priority,” further setting the stage for a significant overhaul of the tax Code next year. His nomination also comes as Treasury works to wrap-up its various outstanding regulations – including the recently-proposed Estate Tax regulations, which despite being discussed during a hearing last week, may well be in danger under the Trump Administration.