Sen. Orrin Hatch, R-Utah, was officially ratified Thursday by the Senate Republican Conference to serve as chairman of the Senate Finance Committee.
Noting in a statement that he was “deeply honored by the faith” of his colleagues in selecting him as chairman, Hatch said that “whether it’s taxes, trade, health care or the nation’s entitlement programs, our committee legislates on federal policies that impact the pocketbooks and well-being of each and every American.”
The Senate Finance Committee has the largest jurisdiction in either House of Congress, overseeing more than 50% of the federal budget, and has jurisdiction over tax, trade and health care policy.
Hatch takes over the chairmanship from Sen. Ron Wyden, D-Ore., who will become the committee’s ranking member.
Besides the need for Congress to “get back to work and advance an aggressive pro-growth agenda that will strengthen the middle class, reward hard-working taxpayers, create new jobs, and reignite the economy,” Hatch said that lawmakers “must accept the challenge of bipartisan tax reform in earnest.”
The U.S. tax code, he said, needs to be “simpler, fairer and more efficient.”
Hatch has also called for corporate tax reform, calling it the “best way” to stop corporate inversions.