Senate Hearing Addresses Treasury Regulations and Tax Enforcement Under Biden Administration
September 10, 2025 | Finance: Senate Committee, Standing Committees - House & Senate, Congressional Hearings Compilation
This article was created by AI summarizing key points discussed. AI makes mistakes, so for full details and context, please refer to the video of the full meeting. Please report any errors so we can fix them. Report an error »
The U.S. Senate Committee on Finance convened on September 10, 2025, to consider the nominations of Jonathan Greenstein for Deputy Under Secretary of the Treasury and Donald Korb for Chief Counsel of the IRS and Assistant General Counsel of the Treasury. The meeting focused on the nominees' qualifications and their potential roles in shaping tax policy and regulations.
The session began with discussions on the authority of the Treasury to write regulations, with Korb affirming that tax policy is a primary responsibility of the Treasury. He noted that as Chief Counsel, he would collaborate closely with Treasury lawyers in this regard. However, he refrained from offering specific views on current regulations, citing a need to familiarize himself with the details.
Senator Marshall raised concerns about the distribution of funds to large corporations during the Trump administration, expressing discomfort with the perceived lack of accountability for these entities. He emphasized the importance of adhering to legal requirements, even for billion-dollar corporations.
The conversation then shifted to Greenstein, who was asked about his involvement in writing tax rules related to new tax credits aimed at stimulating the economy. Greenstein clarified that he would not be directly involved in this process, directing inquiries to the Office of Tax Policy within the Treasury.
Korb was questioned about his familiarity with Revenue Ruling 2020-414, which addresses partnership-related basis shifting transactions. He acknowledged his awareness of the ruling and expressed a commitment to work with tax policy experts to address any issues arising from it. The senator pressed Korb on whether he believed the ruling had led to confusion and selective enforcement, particularly under the Biden administration. Korb indicated that he would need to investigate further before forming a definitive opinion.
As the hearing concluded, both nominees expressed their eagerness to serve and contribute to the administration's goals. Greenstein highlighted his commitment to promoting the interests of American workers and businesses on international platforms. The committee wrapped up the session by thanking the nominees for their willingness to serve in these critical roles.
Overall, the meeting underscored the nominees' readiness to engage with complex tax issues and their commitment to uphold the law while navigating the intricacies of tax policy and enforcement.
The session began with discussions on the authority of the Treasury to write regulations, with Korb affirming that tax policy is a primary responsibility of the Treasury. He noted that as Chief Counsel, he would collaborate closely with Treasury lawyers in this regard. However, he refrained from offering specific views on current regulations, citing a need to familiarize himself with the details.
Senator Marshall raised concerns about the distribution of funds to large corporations during the Trump administration, expressing discomfort with the perceived lack of accountability for these entities. He emphasized the importance of adhering to legal requirements, even for billion-dollar corporations.
The conversation then shifted to Greenstein, who was asked about his involvement in writing tax rules related to new tax credits aimed at stimulating the economy. Greenstein clarified that he would not be directly involved in this process, directing inquiries to the Office of Tax Policy within the Treasury.
Korb was questioned about his familiarity with Revenue Ruling 2020-414, which addresses partnership-related basis shifting transactions. He acknowledged his awareness of the ruling and expressed a commitment to work with tax policy experts to address any issues arising from it. The senator pressed Korb on whether he believed the ruling had led to confusion and selective enforcement, particularly under the Biden administration. Korb indicated that he would need to investigate further before forming a definitive opinion.
As the hearing concluded, both nominees expressed their eagerness to serve and contribute to the administration's goals. Greenstein highlighted his commitment to promoting the interests of American workers and businesses on international platforms. The committee wrapped up the session by thanking the nominees for their willingness to serve in these critical roles.
Overall, the meeting underscored the nominees' readiness to engage with complex tax issues and their commitment to uphold the law while navigating the intricacies of tax policy and enforcement.
View full meeting
This article is based on a recent meeting—watch the full video and explore the complete transcript for deeper insights into the discussion.
View full meeting