Secretary Lew Testifies on President Obama's Fiscal Year 2014 Budget

Treasury Secretary Jacob Lew testified at a hearing held by the House Ways and Means Committee discussing the President's Fiscal Year 2014 Budget. In his oral testimony, Secretary Lew reiterated the U.S. government's opposition to a tax on financial transactions recently proposed by the European Union. Secretary Lew stated that such a tax would be "very troubling" in that it would apply on a cross-border basis, adding that from the perspective of the United States, it would be unacceptable policy for other countries to create a tax with extraterritorial reach by levying a tax on transactions in the United States.

Click here to view Lew's written testimony in full (links externally to the Treasury website).