M E M O R A N D U M

To:    Reporters and Editors
Re:    Jack Lew, Ugland House in the Cayman Islands
Da:    Wednesday, Feb. 13, 2013

Sen. Chuck Grassley of Iowa today made the following comment after the Finance Committee hearing on the nomination of Jack Lew, President Obama’s Treasury secretary nominee.  Last week, reports surfaced that for several years, Lew had money invested in a hedge fund based at the Ugland House in the Cayman Islands.  Grassley is a senior member of the Finance Committee

“It was jaw-dropping to hear the Treasury secretary nominee say he’s still unfamiliar with Ugland House.  He had his own money there through Citigroup.  His boss, the President, has cited it numerous times at highly covered events.  It’s been featured in a Finance Committee hearing and speeches on the Senate floor from senior Democratic senators.  The Treasury secretary oversees the IRS.  Mr. Lew’s unfamiliarity with the most high-profile example of what the President calls ‘the largest tax scam’ does not build confidence in his knowledge of the tax code, his ability to enforce it, or his ability to help shape the broad tax reform everyone agrees we need.  I’ll continue to reserve judgment on whether to support the nomination until Mr. Lew answers written questions for the record, and I weigh all other factors, but I have serious doubts about whether the President made the right choice.”

Video of today’s hearing is available here.