President Obama has named two men with strong ties to the insurance industry — Roger Ferguson Jr. and William Donaldson — to a new Tax Force on Tax Reform.
The tax reform panel has been asked to report back to Obama by Dec. 4 on ways to close tax loopholes, reduce tax evasion and simplify the tax system.
Ferguson is chief executive officer of the Teachers Insurance and Annuity Association-College Retirement Equities Fund, New York, and a former chairman of Swiss Re America Holding Corp., a unit of Swiss Reinsurance Company, Zurich.
Donaldson is a former chairman of Aetna Inc., Hartford, and, more recently, of the U.S. Securities and Exchange Commission. He helped found Donaldson, Lufkin, Jenrette, an investment bank that is now part of AXA S.A., Paris, in 1959.
The tax reform panel also includes Martin Feldstein, former chief economic advisor to President Reagan. Feldstein is a member of the board of American International Group Inc., New York, according to Peter Orszag, director of the Office of Management and Budget.
Orszag announced the names of the tax reform panel members at a press conference.
The panel will be headed by Paul Volcker, the former Federal Reserve Board chairman who now chairs the president’s Economic Recovery Advisory Board.
Austan Goolsbee, a member of the Council of Economic Advisors, is the staff director of the task force.