Grassley Explains Opposition to Geithner

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During yesterday’s confirmation hearing, Mr. Geithner gave answers to committee member questions about his tax compliance problems. The nominee’s answers to the committee and during the vetting process give me pause. The explanations for irregularities have ranged from statements that he should have known, to proclamations that if only his accountants had warned him he would have done the right thing. I received a message yesterday from a constituent in Dubuque expressing concern about this nomination. The constituent wrote, “If the man cannot handle his own finances, how is he going to handle the country’s?”

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The Senate may vote to confirm the nomination of Mr. Geithner. If so, I will work with him to do what needs to be done for economic recovery, including the areas of tax and fiscal policy and new markets through international trade. I will also work to fulfill my obligations as a United States Senator in our system of checks and balances. That said, I cannot vote to confirm the nomination based on the record and the need to foster greater accountability in both big government and our financial institutions.