[Senate Hearing 113-538]
[From the U.S. Government Publishing Office]
S. Hrg. 113-538
NOMINATIONS OF DARCI L. VETTER,
STEFAN M. SELIG, HENRY J. AARON,
LANHEE J. CHEN, AND ALAN L. COHEN
=======================================================================
HEARING
before the
COMMITTEE ON FINANCE
UNITED STATES SENATE
ONE HUNDRED THIRTEENTH CONGRESS
SECOND SESSION
on the
NOMINATIONS OF
DARCI L. VETTER, TO BE CHIEF AGRICULTURAL NEGOTIATOR, WITH THE RANK OF
AMBASSADOR, OFFICE OF THE UNITED STATES TRADE REPRESENTATIVE; STEFAN M.
SELIG, TO BE UNDER SECRETARY FOR INTERNATIONAL TRADE, DEPARTMENT OF
COMMERCE; HENRY J. AARON, TO BE A MEMBER OF THE SOCIAL SECURITY
ADVISORY BOARD (REAPPOINTMENT); LANHEE J. CHEN, TO BE A MEMBER OF THE
SOCIAL SECURITY ADVISORY BOARD; AND ALAN L. COHEN, TO BE A MEMBER OF
THE SOCIAL SECURITY ADVISORY BOARD
__________
MAY 8, 2014
__________
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COMMITTEE ON FINANCE
RON WYDEN, Oregon, Chairman
JOHN D. ROCKEFELLER IV, West ORRIN G. HATCH, Utah
Virginia CHUCK GRASSLEY, Iowa
CHARLES E. SCHUMER, New York MIKE CRAPO, Idaho
DEBBIE STABENOW, Michigan PAT ROBERTS, Kansas
MARIA CANTWELL, Washington MICHAEL B. ENZI, Wyoming
BILL NELSON, Florida JOHN CORNYN, Texas
ROBERT MENENDEZ, New Jersey JOHN THUNE, South Dakota
THOMAS R. CARPER, Delaware RICHARD BURR, North Carolina
BENJAMIN L. CARDIN, Maryland JOHNNY ISAKSON, Georgia
SHERROD BROWN, Ohio ROB PORTMAN, Ohio
MICHAEL F. BENNET, Colorado PATRICK J. TOOMEY, Pennsylvania
ROBERT P. CASEY, Jr., Pennsylvania
MARK R. WARNER, Virginia
Joshua Sheinkman, Staff Director
Chris Campbell, Republican Staff Director
(ii)
C O N T E N T S
----------
OPENING STATEMENTS
Page
Wyden, Hon. Ron, a U.S. Senator from Oregon, chairman, Committee
on Finance..................................................... 1
Stabenow, Hon. Debbie, a U.S. Senator from Michigan.............. 3
Hatch, Hon. Orrin G., a U.S. Senator from Utah................... 4
Cardin, Hon. Benjamin L., a U.S. Senator from Maryland........... 7
Portman, Hon. Rob, a U.S. Senator from Ohio...................... 9
Warner, Hon. Mark R., a U.S. Senator from Virginia............... 10
Brown, Hon. Sherrod, a U.S. Senator from Ohio.................... 11
CONGRESSIONAL WITNESS
Johanns, Hon. Mike, a U.S. Senator from Nebraska................. 6
ADMINISTRATION NOMINEES
Vetter, Darci L., nominated to be Chief Agricultural Negotiator,
with the rank of Ambassador, Office of the United States Trade
Representative, Washington, DC................................. 12
Selig, Stefan M., nominated to be Under Secretary for
International Trade, Department of Commerce, Washington, DC.... 13
Aaron, Henry J., Ph.D., nominated to be a member of the Social
Security Advisory Board for a term expiring September 30, 2014,
and for a term expiring September 30, 2018 (reappointment),
Social Security Administration, Baltimore, MD.................. 15
Chen, Lanhee J., Ph.D., nominated to be a member of the Social
Security Advisory Board for a term expiring September 30, 2018,
Social Security Administration, Baltimore, MD.................. 16
Cohen, Alan L., Ph.D., nominated to be a member of the Social
Security Advisory Board for a term expiring September 30, 2016,
Social Security Administration, Baltimore, MD.................. 17
ALPHABETICAL LISTING AND APPENDIX MATERIAL
Aaron, Henry J., Ph.D.:
Testimony.................................................... 15
Prepared statement........................................... 29
Biographical information..................................... 30
Responses to questions from committee members................ 47
Brown, Hon. Sherrod:
Opening statement............................................ 11
Cardin, Hon. Benjamin L.:
Opening statement............................................ 7
Chen, Lanhee J., Ph.D.:
Testimony.................................................... 16
Prepared statement........................................... 48
Biographical information..................................... 49
Cohen, Alan L., Ph.D.:
Testimony.................................................... 17
Prepared statement........................................... 61
Biographical information..................................... 63
Responses to questions from committee members................ 74
Hatch, Hon. Orrin G.:
Opening statement............................................ 4
Prepared statement with attachment........................... 76
Johanns, Hon. Mike:
Testimony.................................................... 6
Portman, Hon. Rob:
Opening statement............................................ 9
Selig, Stefan M.:
Testimony.................................................... 13
Prepared statement........................................... 82
Biographical information..................................... 84
Responses to questions from committee members................ 91
Stabenow, Hon. Debbie:
Opening statement............................................ 3
Vetter, Darci L.:
Testimony.................................................... 12
Prepared statement........................................... 99
Biographical information..................................... 101
Warner, Hon. Mark R.:
Opening statement............................................ 10
Wyden, Hon. Ron:
Opening statement............................................ 1
Prepared statement........................................... 109
NOMINATIONS OF DARCI L. VETTER, TO BE
CHIEF AGRICULTURAL NEGOTIATOR, WITH
THE RANK OF AMBASSADOR, OFFICE
OF THE UNITED STATES TRADE
REPRESENTATIVE; STEFAN M. SELIG, TO
BE UNDER SECRETARY FOR INTERNATIONAL
TRADE, DEPARTMENT OF COMMERCE;
HENRY J. AARON, TO BE A MEMBER OF THE
SOCIAL SECURITY ADVISORY BOARD
(REAPPOINTMENT); LANHEE J. CHEN, TO BE
A MEMBER OF THE SOCIAL SECURITY
ADVISORY BOARD; AND ALAN L. COHEN,
TO BE A MEMBER OF THE SOCIAL SECURITY
ADVISORY BOARD
----------
THURSDAY, MAY 8, 2014
U.S. Senate,
Committee on Finance,
Washington, DC.
The hearing was convened, pursuant to notice, at 10:05
a.m., in room SD-215, Dirksen Senate Office Building, Hon. Ron
Wyden (chairman of the committee) presiding.
Present: Senators Stabenow, Cardin, Brown, Warner, Hatch,
Grassley, Crapo, Thune, Isakson, and Portman.
Also present: Democratic Staff: Joshua Sheinkman, Staff
Director; Michael Evans, General Counsel; Jocelyn Moore, Deputy
Staff Director; Tiffany Smith, Senior Tax Counsel; Tom Klouda,
Senior Domestic Policy Advisor; Jayme White, Chief Advisor for
International Competitiveness and Innovation; and Anderson
Heiman, International Competitiveness and Innovation Advisor.
Republican Staff: Chris Campbell, Staff Director; Everett
Eissenstat, Chief International Trade Counsel; Jeff Wrase,
Chief Economist; and Nicholas Wyatt, Tax and Nominations
Professional Staff Member.
OPENING STATEMENT OF HON. RON WYDEN, A U.S. SENATOR FROM
OREGON, CHAIRMAN, COMMITTEE ON FINANCE
The Chairman. The Finance Committee will come to order.
Today the committee has before it five nominees, all of whom
have exceptional backgrounds and expertise in their fields.
Their commitment to public service is truly admirable and an
example for all to follow.
First up will be Stefan Selig, who is nominated to be
Undersecretary of Commerce for International Trade. In this
role, Mr. Selig would oversee the International Trade
Administration at the Department of Commerce. ITA's focus is on
the competitiveness of American businesses. The agency plays a
key role in American trade policy by working with the private
sector to identify export and investment opportunities and by
enforcing our trade remedy laws that are central to combating
unfair trade.
Mr. Selig is well-suited to take on this challenge. He
knows how to navigate the global economy, and he understands
what our businesses need to be competitive. If confirmed, he
must ensure that we step up enforcement of our trade remedy
laws.
Next, we will hear from Darci Vetter, a Finance Committee
alum who has been nominated to be Chief Agricultural Negotiator
at the Office of the United States Trade Representative. If
confirmed, Ms. Vetter will have the important task of being the
lead trade negotiator to take on the tariff and nontariff
barriers that are imposed all over the world on American
agricultural exports.
Our country has an ambitious trade agenda, with important
agricultural negotiations taking place among the world's
biggest and most dynamic markets. It will be important for the
United States to have a skilled hand in these negotiations, and
Darci, in my view, is the right person at the right time.
Right now, for example, our country is in the middle of
important yet challenging negotiations with Japan and other
Trans-Pacific Partnership participants regarding America's most
important agricultural crops: wheat--especially important to my
home State of Oregon--dairy, and poultry. We will be relying on
Darci to push for the comprehensive and ambitious outcome that
our farmers and our producers expect and our economy needs.
Also with us are three nominees for the Social Security
Advisory Board: Drs. Henry Aaron, Lanhee Chen, and Alan Cohen.
The Board is responsible for advising the President and the
Congress on Social Security policy, and regularly makes
important policy recommendations to enhance economic security
for individuals, to maintain the solvency of the Social
Security programs, and to improve services for seniors and
other beneficiaries. In my view, all three have excellent
credentials and, if confirmed, would bring an impressive and
diverse set of perspectives to the Board.
The Board plays a key role in the Social Security policy
process, producing top-notch bipartisan reports on a range of
issues, and yet the Board has not had a full seven members
since September of 2008. This is unacceptable, given the
numerous challenges facing the program today and in the future.
The Congress certainly shares some of the blame here, but we
now have a chance to set things right.
First we have Henry Aaron. Dr. Aaron has had an illustrious
career in both the public sector and academia, including over
45 years with the Brookings Institution. I commend the
President for this excellent choice.
Dr. Aaron is one of the country's foremost experts on
Social Security, and his many publications and contributions to
the program make him an invaluable asset. And it is with a bit
of disappointment that I note that this is Dr. Aaron's second
appearance before the committee. His previous nomination was
the first ever to have votes against it in committee, and I
think that is regrettable.
We have three nominees before us today. In my view, they
are all well-qualified and hold strong views. Individual
Senators may disagree with those views, but that disagreement
should not cause the committee to oppose their service on this
important and, I would note, bipartisan Advisory Board. I urge
my colleagues to support all three nominees so we can get the
Board back to full strength.
Next is Mr. Lanhee Chen, also nominated to the Social
Security Board. Dr. Chen, in my view, has a stellar academic
record and has made valuable contributions in a number of
policy fields, including Social Security. If confirmed, he will
bring a distinct and valuable perspective to the Board.
Finally, we have Alan Cohen. Dr. Cohen has had a long and
prestigious career in public service. We all know him from
these very rooms, from the halls outside the Finance Committee.
We thank him for his decade of service here on the Finance
Committee.
His knowledge of budgetary matters and Social Security is
simply unmatched, and I know that personally, because I have
asked for his counsel on many occasions. His wide range of
experiences in both the Congress and the Federal Government
give him a level of expertise and insight the Board will surely
benefit from.
In short, all of the nominees here today are well-qualified
to take on the challenging tasks before them, and my hope is
that they will be confirmed as soon as possible.
Senator Hatch, our ranking member, is not here. When he
arrives, he will give his opening statement, so I want all
witnesses and members to know that when Senator Hatch arrives,
he will give his opening statement.
[The prepared statement of Chairman Wyden appears in the
appendix.]
The Chairman. I would also like to note that Senator
Stabenow is very much under the gun today and would like to say
a few words. She, of course, is the chair of the Agriculture
Committee. And I think you wanted, Senator Stabenow, to say a
few words about Ms. Vetter and your relationship with her.
OPENING STATEMENT OF HON. DEBBIE STABENOW,
A U.S. SENATOR FROM MICHIGAN
Senator Stabenow. I did. Well, thank you, Mr. Chairman, for
allowing me. We all juggle committees, and today I am doing
that.
And I just first want to say that I strongly support all of
our nominees and welcome you to the committee. It is great to
see also Senator Johanns, a distinguished member of our
Agriculture Committee, who, by the way, was a leading voice in
establishing a new trade leader within USDA. So it is wonderful
to have you with us.
But I did, Mr. Chairman, want to speak specifically about
Ms. Vetter, Darci Vetter. We are so fortunate to have her
today, and I am happy to join the 97 farm and food
organizations who have endorsed her nomination.
I witnessed firsthand in Brazil last summer, traveling with
Darci and with the Secretary, as well as during the Farm Bill
negotiations, her skill and the fact that she is a fierce
advocate for farmers and ranchers and rural communities.
And so we have a lot of challenges. You and I have had the
opportunity--I appreciate it--in my office to talk about what
is happening as it relates to Asia, Europe, South America, and
all the other areas.
I am very, very confident in Ms. Vetter's abilities, and
so, just to my colleagues on the committee, I wanted to lend a
strong endorsement of support.
Thank you, Mr. Chairman.
The Chairman. Our colleague, Senator Hatch, is here, and we
would welcome his remarks. And, as we have done since I became
chair, we are going to work on these nominees in a bipartisan
way. That is the way we are going to work on everything here.
Senator Hatch, we welcome your statement.
OPENING STATEMENT OF HON. ORRIN G. HATCH,
A U.S. SENATOR FROM UTAH
Senator Hatch. Well, thank you, Mr. Chairman. I appreciate
you and your openness. I want to thank you for holding today's
hearings. And I also want to thank our nominees for joining us.
And to begin, I would like to talk about our trade nominees.
I believe both of these nominees are extremely qualified
and well-suited to the tasks ahead of them. Mr. Selig, let me
start with you.
As you know, I, along with former Chairman Baucus and
Chairman Camp, introduced the bipartisan Congressional Trade
Priorities Act of 2014 in January. Commerce Secretary Pritzker
recommended the introduction of the bill and said that it
would, quote, ``help in efforts to expand market access for
American businesses, ensure a level playing field for companies
selling their goods abroad, and support the creation of more
American jobs,'' unquote.
Unfortunately, the rest of the administration has not been
so vocal. As you know, Trade Promotion Authority, which our
bill would renew, is how Congress establishes the objectives
for U.S. trade negotiations, sets consultation requirements for
the administration, and assures our trading partners that a
completed deal will have a path for consideration by Congress.
And frankly, Mr. Selig, without TPA, the President's trade
agenda, which is extremely ambitious, will fail. I hope you
share this sense of urgency and that, if confirmed, you will be
a strong advocate for renewing TPA in short order.
Now, Mr. Chairman, if I might, I would like to make one
observation about Mr. Selig's nomination that should not go
unnoticed. As I understand Mr. Selig's background, he worked as
a top executive at Bank of America during the most recent
financial crisis. At times he received bonuses for the work he
performed there, and, as we all know, many who worked on Wall
Street in a similar capacity have been castigated by President
Obama and by Democrats in Congress, often labeled as, quote,
``fat cats'' and the like.
On top of that, Mr. Selig has significant investments in
overseas accounts. We have learned that Mr. Selig was an
investor in a partnership called, ``Sun Capital Partners V,''
which in 2010 was domiciled in the Walker House of 87 Mary
Street, George Town, Grand Cayman, Cayman Islands. In 2012,
this partnership was domiciled at the now-infamous Ugland
House. Mr. Selig's Schedule 2012 K-1 notes that the value of
his ending capital account was $721,802.
Mr. Selig was also invested in a partnership called
Conversus Capital, of Trafalgar Court, Les Banques, St. Peter
Port, Guernsey, Channel Islands. Mr. Selig's Schedule 2012 K-1
notes that the value of his ending capital account was
$1,123,523. Now, this is not the first of President Obama's
nominees to come before this committee to have these types of
earnings and investments, all of whom were gladly and
unanimously supported by my friends on the other side of the
aisle.
Now, let me be clear. I do not believe that Mr. Selig has
done anything wrong. I do not condemn those who make their
living on Wall Street, and as long as they have paid their
taxes, I do not have a problem with anyone who makes a foreign
investment. However, the obvious hypocrisy of the President and
some of his supporters in Congress should not go unnoticed.
Indeed, we all remember during the 2012 campaign when President
Obama characterized these types of investments as, quote,
``betting against America.''
Now, I suspect that the vast majority of Democrats in the
Senate will vote to confirm Mr. Selig, as they should, and as I
will. I think we are lucky to have people of his qualifications
in these jobs. Yet I doubt that the class warfare rhetoric
against Wall Street, against success in the private sector, and
against overseas investments, will slow down at all.
Like I said, this is not a knock against Mr. Selig, or
anyone else, for that matter. I simply believe that the
inconsistency and unfair, open attacks often levied against
people who have done similar work in the private sector should
not go unnoticed.
That said, let us move on to talk about Ms. Vetter's
nomination. Ms. Vetter, as you know from your current position
as Deputy Undersecretary at the Department of Agriculture, the
tasks ahead of the Chief Agricultural Negotiator are really
daunting.
The success of the Trans-Pacific Partnership hinges on
achieving a full and comprehensive agreement on agricultural
products with Japan. And this is what has me concerned. Japan
has reportedly sought to exclude more than 500 agricultural
product tariff lines from eventual tariff elimination, and this
would be unprecedented. The United States is party to 17 free
trade agreements, and only 33 tariff lines have ever been
excluded from tariff reduction.
Now, that is 33 lines total, across all 17 free trade
agreements. Japan is seeking more than 500 in a single
agreement. Now, other nations are undoubtedly watching how the
U.S. will address this issue. If Japan is allowed to exclude
products from liberalization, other TPP countries will soon
follow, resulting in an even weaker agreement. The member
states of the European Union are also watching. If the
administration makes concessions to Japan, every other nation
we negotiate with well into the future will demand similar
treatment.
Well, if confirmed, I hope you will be able to achieve a
breakthrough with Japan soon. It is far more important to get
this deal right than to get it done now, and I expect you will
continue negotiating until you have reached an agreement on
full and comprehensive liberalization with Japan.
These are just some of the issues you will have to deal
with as our Chief Agricultural Negotiator. I do not envy you,
in many ways. I look forward to hearing your views on these
matters during today's hearing.
Finally, Mr. Chairman, three of the nominees before us are
for positions on the Social Security Advisory Board. These are
important positions, particularly given the challenges facing
the Social Security system. Of course, Dr. Aaron has already
appeared before us, having been previously nominated to serve
as Chairman of the Advisory Board. My previous comments on his
nomination still hold, and out of a desire to ensure that
partisanship be kept at a minimum on the Board, I do not intend
to support Dr. Aaron's renomination.
Mr. Chairman, I ask permission that my prior remarks about
Dr. Aaron's nomination be included in the record at this point.
The Chairman. Without objection, so ordered.
Senator Hatch. Thank you, Mr. Chairman.
[Senator Hatch's remarks appear in the appendix on p. 79.]
Senator Hatch. Our other two nominees to the Social
Security Advisory Board, Dr. Chen and Dr. Cohen, like our two
trade nominees, appear to be well-qualified and well-suited to
serve in this important capacity. I look forward to hearing
from them today.
And, as you can see, Mr. Chairman, we have a lot on our
plate today, so I want to thank you again for your leadership
in these areas. I think it means a lot to our country.
The Chairman. Thank you, Senator Hatch.
[The prepared statement of Senator Hatch appears in the
appendix.]
The Chairman. And our first nominee will be Darci Vetter,
nominated for Chief Agricultural Negotiator with the Office of
the U.S. Trade Representative. We would like you--it is a
tradition here at the Finance Committee to introduce your
family, Ms. Vetter.
Ms. Vetter. I am pleased to have with me today my husband,
Jason Hafemeister, to support me, and I am very thankful for
his sacrifice, support, and his flexibility as we both pursue
two careers and support two small children. So thank you.
The Chairman. Emphasis on flexibility. [Laughter.]
Ms. Vetter. Exactly.
The Chairman. And we are glad that you all are here. And
suffice it to say, Ms. Vetter, you have one of our most
respected colleagues--you are certainly running with the right
crowd when you have Senator Johanns with you. And I think we
would like him to introduce you at this time.
STATEMENT OF HON. MIKE JOHANNS,
A U.S. SENATOR FROM NEBRASKA
Senator Johanns. Well, thank you, Mr. Chairman.
Mr. Chairman and Ranking Member Hatch and members of the
Finance Committee, I greatly appreciate the opportunity to be
here this morning to introduce a friend and a colleague through
the years, Darci Vetter.
Darci grew up on a farm near Marquette, NE, and I might
add, it is still operated by the Vetter family. Her background
is enormously impressive. She has worked on agricultural trade
issues at USTR, and I might add, on this committee and now at
the United States Department of Agriculture.
Now USTR wants her back, and I have to tell you that is
with very, very good reason. I have seen firsthand Darci's
commitment to U.S. agriculture, starting when I was the
Secretary of Agriculture in 2005. We worked together on
negotiating and implementing trade agreements, breaking down
trade barriers, and promoting United States agriculture.
She helped to build the strong link between USTR and USDA,
which is absolutely critical for trade negotiations. I am
confident that she will once again be a bridge-builder and be a
great asset to USTR and, more significantly, to United States
agriculture in general.
We need to open more markets around the world to our
products. She is the person for the job. She is bright, she is
capable, she knows agriculture, she knows trade, and she is up
to the challenge.
So I want to wish Darci the best. I urge the committee to
support her nomination for Chief Agricultural Negotiator at
USTR, as I will enthusiastically do myself.
Thank you, Mr. Chairman.
The Chairman. Thank you, Senator Johanns. I share your
views about Ms. Vetter, and she is lucky to have you in her
corner. And we thank you.
Our second nominee is Mr. Stefan Selig, nominated to be
Undersecretary of Commerce for International Trade. Mr. Selig,
can you introduce your family?
Mr. Selig. Yes, Senator, thank you.
I have with me today my wife of 13 years, Heidi Selig,
seated right behind me.
The Chairman. Very good. Welcome.
Next up we have Henry Aaron, nominated for the Social
Security Advisory Board. Dr. Aaron, I understand you have your
family here.
Dr. Aaron. Part of my family. My wife is here. My wife of
51 years, Ruth--who is seated immediately behind me, backing me
up as usual, as I try to back her up.
The Chairman. Very good. And I think Dr. Aaron will now be
introduced by Senator Cardin.
Senator Cardin?
OPENING STATEMENT OF HON. BENJAMIN L. CARDIN,
A U.S. SENATOR FROM MARYLAND
Senator Cardin. Well, Mr. Chairman, thank you very much.
And there are two reasons that I am very pleased to introduce
Dr. Aaron.
First, Dr. Aaron resides in the District of Columbia, which
does not have resident Senators. The land was originally from
Maryland, so Senator Mikulski and I at times adopt those from
the District as our own. I know that Senator Warner may take
some exception to that. [Laughter.] But in this case, I am very
honored to introduce Dr. Aaron.
I have known Dr. Aaron for many, many years, and I want the
leadership of this committee to know that I have considered Dr.
Aaron to be a straight-talker, working with members of Congress
on both sides of the aisle, trying to build bridges to deal
with not only the short-term needs of the Social Security
program, but also the longer-term needs. I value his
recommendations and judgment and find him to be, as I said, a
person of incredible knowledge, as the chairman pointed out.
He has had a long and distinguished career in public
service, research, and education. He first joined Brookings
Institution's staff in 1968, and he is currently the Bruce and
Virginia MacLaury Senior Fellow in economic studies.
Let me just point out some of his incredible career. As we
all know, he has been chair of the board of directors of the
National Academy of Social Insurance. He has authored eight
books on Social Security and retirement policy and countless
thoughtful and eloquent articles on this topic. The breadth and
depth of his knowledge are well-known by national policy-makers
who seek his expertise and his ideas on improving Social
Security and Americans' retirement security, and I think he is
the ideal nominee.
I want to point out that he previously has been on the
faculty at the University of Maryland. Whenever I can get a
plug in for the University of Maryland, I will.
He has served as Assistant Secretary for Planning and
Evaluation in the predecessor of the Department of Health and
Human Services. During the academic year 1996 to 1997, he was
the Guggenheim fellow at the Center for Advanced Study in the
Behavioral Sciences at Stanford University.
He graduated from UCLA, and he holds a Ph.D. in economics
from Harvard University. He is a member of the Institute of
Medicine, the Academy of Arts and Sciences, and the advisory
committee at Stanford Institute for Economic Policy Research. I
could go on and on and on.
He is not only well-qualified, he has been involved in our
political system to try to make a difference in a positive way,
in a thoughtful, academic way, and I think he is ideally suited
for the position he seeks. And I thank him and all of our
nominees for being willing to continue in public service.
The Chairman. Thank you, Senator Cardin. And I am also
struck by the fact that, because of your expertise on these
issues, I think your viewpoints count a great deal. And one of
the reasons that I think your views are listened to is because
you have shown great bipartisanship over the years,
particularly with Senator Portman, going back to the days when
we were all in the House. And I very much appreciate that, and
I think it also highlights the bipartisan focus here this
morning, because our next nominee for the Social Security Board
is Lanhee Chen.
And, Dr. Chen, can you introduce your family?
Dr. Chen. Yes, thank you, Mr. Chairman.
I am very grateful to have many members of my family here
from California. This is my wife, Cynthia. With due respect to
the gentlemen on the panel, I think the best-dressed guy in the
room is my 3-year-old son Tobin, who is here with us today as
well. [Laughter.]
The Chairman. That is saying something. Senator Hatch is
pretty dapper. [Laughter.]
Dr. Chen. It is. With apologies to Senator Hatch as well.
My brother Julius is next to her, and then my parents, Dr.
and Mrs. Chung-Lien and Ya-Mei Chen, are also here from
California.
The Chairman. We are glad that the extended Chen family is
here.
Senator Portman, we are glad you are going to introduce Dr.
Chen.
OPENING STATEMENT OF HON. ROB PORTMAN,
A U.S. SENATOR FROM OHIO
Senator Portman. Thank you, Mr. Chairman and Senator Hatch,
for letting me do that. And although the California members may
take offense, we have to consider Dr. Chen to be an honorary
Buckeye, which I will get to in a moment, because he has Ohio
roots, ultimately.
But I am really glad that Lanhee is willing to do this. He
is a talented guy. I have had the pleasure to work with him
over the years. This is a really important appointment, serving
on this Board at this time. And I am glad Dr. Aaron is also
willing to step forward, whom Ben Cardin and I have both worked
with over the years.
We do face these rising entitlement costs. We do have to do
something about the long-term viability of these programs. We
need smart people who are willing to look at this objectively
and to help ensure that future generations can rely on this
important program. And it is at a time when, frankly, the
country faces dire financial straits outside of Social
Security, which makes it even more difficult. So I am delighted
he is willing to do it.
I want to mention, if I could, the fact that his 3-month-
old daughter, Adeline, is not with us, but she is also part of
the supportive team. And apparently she was not too happy about
that, either, not being invited today.
But his family is just the classic American story. This
family you see behind him here, his parents immigrated from
Taiwan in the 1970s, and they came here to seek opportunity, to
finish their educations. They came separately, but it was the
State of Ohio that brought them together. And they met while
his mom was earning her master's degree at the University of
Akron and his dad was working on his medical training in Ohio
to be a doctor. So, again, we consider Lanhee to be an honorary
Buckeye. And here they are, sitting behind you and witnessing
the first step in their son becoming a presidential nominee.
It is easy to see why Lanhee has been asked to do this. He
is a guy who has a great background. He is a research fellow at
the Hoover Institution, and he teaches at Stanford's Public
Policy Law School. He has a great academic background in health
care and has also been involved in retirement security and
Social Security. He has been a policy advisor for a lot of
high-profile political leaders.
And his educational background is not too bad, either. He
got a bachelor's degree from Harvard; he got a master's degree
from Harvard; he got a doctorate from Harvard; he got a law
degree from Harvard. He spent enough time in Cambridge to be
given tenure at Harvard. [Laughter.]
But this extensive background and his intelligence and
expertise will be really valuable as we look at one of our most
pressing issues that we must address. So I am very proud to be
here to introduce him and to support his nomination to be a
member of the Social Security Advisory Board.
And if you could, Mr. Chairman, indulge me for a second,
because Darci Vetter is here. And both Darci and her husband,
Jason, I had the honor of working with at USTR, and they were
two of the real stars at an agency that does attract some of
the best and brightest. Even there, they stood out.
So again, good luck to you, Ms. Vetter, in your nomination.
And good to see Jason back here in the halls of Congress.
Thank you, Mr. Chairman.
The Chairman. Thank you, Senator Portman.
Dr. Chen, I would only say, with that kind of ringing
endorsement from Senator Portman, you can almost take the rest
of the day off. [Laughter.] Not quite, but almost. So we are
happy to have Senator Portman's comments.
And now our final nominee for the Social Security Advisory
Board is Alan Cohen. Dr. Cohen, introduce your family, if you
would.
Dr. Cohen. Thank you very much, Mr. Chairman. My brother,
Barry Cohen, is here. My partner, Valerie Nelkin is here. My
friend, Arthur Friedman is here, and my friends Pat Malloy and
Jim Frisk are in the audience as well.
The Chairman. The Cohen caucus. We are glad they are here.
I think Senator Warner is going to introduce Dr. Cohen.
OPENING STATEMENT OF HON. MARK R. WARNER,
A U.S. SENATOR FROM VIRGINIA
Senator Warner. Yes, I will. Thank you, Mr. Chairman. Let
me just echo one thing that Dr. Chen has said, and I say this
with some trepidation, being this far down the aisle. I would
normally agree that Senator Hatch is far and away the best-
dressed, but looking at Dr. Chen's son, Orrin, he has a mean
vest and a pocket square that any of us would be proud of, and
I am not sure even you could carry off.
Senator Hatch. I am really embarrassed with the clothing I
wore today. [Laughter.]
Senator Warner. Let me say something about my friend, Alan
Cohen, who may not be at the same sartorial level, but brings
other extraordinary talents, as has already been indicated by
the chairman.
I have known Alan for many, many years. We both live in
Alexandria; he has been active in the community in a variety of
ways. As you have already pointed out, Alan has an outstanding
33-year career as a public servant, where he has worked on
Social Security and budget issues in many different areas and
many different capacities in government.
I have had the opportunity to actually work with him at a
local level in Alexandria, where he has helped our local city
work on budget issues. Obviously, many on this committee are
familiar with him because of his work with both the Senate
Budget Committee and the Finance Committee.
He has served in the executive branch at both Treasury and
HHS. He has worked under two administrations, both the Carter
administration and the Reagan administration. Obviously, there
are very few folks who have that kind of background and tenure
and knowledge around budget issues, around entitlement issues,
around Social Security issues. I think he is going to be a
great member of this Advisory Board.
And I would echo what Senator Portman said, as someone who
recognizes that these programs, particularly Social Security,
may be the best programs any government in any nation has ever
implemented. But unfortunately, the math around them is
changing dramatically because of the aging of our population.
And we are going to need bipartisan advice as we try to make
sure that we maintain the promise of Social Security for future
generations.
So again, Alan is well-known to this committee, and I
recommend him wholeheartedly.
Thank you, Mr. Chairman.
The Chairman. Thank you.
Senator Brown, I know, is under a time crunch this morning
as well, and he would like to make some quick comments.
OPENING STATEMENT OF HON. SHERROD BROWN,
A U.S. SENATOR FROM OHIO
Senator Brown. Since every other member has introduced
somebody and I do not have anybody left----
The Chairman. You feel deprived.
Senator Brown. Ms. Vetter was actually born in Kettering,
OH, so--you left that one out, Rob. [Laughter.]
Anyway, I appreciate the chance to just say 2 minutes of
comments about this hearing and this Social Security Advisory
Board.
I am concerned about this Board, really since the attempts
at privatization of Social Security in the middle part of the
last decade. I am concerned about the sort of too-fractious
nature of the Social Security Advisory Board. It is not always
able to reach the consensus that it used to reach.
I carry a letter in my pocket, to the grandfather of an
employee in my office, sent December 1936 from his employer in
Pennsylvania about the beginnings of Social Security. We are
going to start taking 1 percent out of your salary, then 2
percent, 3 percent, and you are going to get this money back
when you are 65--although most people did not live to 65 then.
Think about how controversial that was.
But the point is, we came to consensus in this country on
Social Security. I understand what Senator Warner and Senator
Portman said about what some call the sustainability. But I
also know we know how to fix these things.
My admonition to the three nominees is that you work hard
on consensus, coming to consensus, in that committee; that we
do not see abstentions. You put such important information out
for the public, on big issues and smaller issues, and we really
do rely on that, policy-makers and the public.
And what you publish outside of your job--I mean, a number
of you. All of you are articulate, very smart spokespeople for
what you believe in. But it is important that when you make
these statements, if it undermines Social Security as a public
social insurance program, if your comments do that, you are
doing it as a member of this Advisory Board, even if you are
doing it as a private citizen.
So that is my admonition to the three of you, that I hope
you will always consider carefully what you publish outside of
your specific job here on the Advisory Board, and that you will
work to reach consensus. I hope you will make a special effort
to do that.
Thank you.
The Chairman. Thank you, Senator Brown.
Senator Grassley is the only Senator who has not had
anything to say. Would you like to wait for questions, or would
you like to say anything? Senator Grassley will wait for
questions. Very good.
Let us proceed then with Ms. Vetter. We thank all of our
nominees. Our usual practice is that all of your prepared
statements will automatically be made part of the record. If
you could take 5 minutes or so to summarize, we will start with
Ms. Vetter, and we will go right down the line.
Ms. Vetter?
STATEMENT OF DARCI L. VETTER, NOMINATED TO BE CHIEF
AGRICULTURAL NEGOTIATOR, WITH THE RANK OF AMBASSADOR, OFFICE OF
THE U.S. TRADE REPRESENTATIVE, WASHINGTON, DC
Ms. Vetter. Thank you very much. Chairman Wyden, Ranking
Member Hatch, and members of the Senate Finance Committee,
thank you so much for welcoming me here today. And Senator
Johanns, I thank you for that kind introduction earlier.
I am very honored to be considered by this committee as
President Obama's nominee to be the Chief Agricultural
Negotiator at the Office of the U.S. Trade Representative.
I want to reiterate my thanks and to recognize my husband,
Jason Hafemeister, who is with me this morning. He is a
fantastic partner, as we both pursue careers in public service
and raise our two beautiful children. I also have close
friends, Marney Cheek, Carissa Kovner, and Liz Rider here with
me this morning.
As an alumna of the Senate Finance Committee, I have had
the great privilege of working with many of the members and the
staff on this committee. And, during my time at USTR working on
agricultural and environmental issues, and at USDA as the
Deputy Under Secretary for Farm and Foreign Agricultural
Services, it has always been clear to me that the executive
branch and Congress must maintain a close working relationship
on trade issues. This is a relationship I intend to strengthen
in my new capacity, should I be confirmed.
I grew up on a family farm in Nebraska, where my family
also operates a grain processing business that exposed me to
the benefits of trade at a very early age. In the 1980s, at a
time when many farmers were moving off the farm, my family
found foreign markets to sustain our family business. Some of
our first foreign customers were tofu makers in Japan who were
willing to pay a premium for our high-quality soybeans. Today,
our family business has nearly 30 employees, thanks in part to
open and reliable overseas markets.
Through both my personal and my professional experiences, I
have witnessed firsthandthe benefits of trade for American
agricultural producers. I am committed to leveling the playing
field for our farmers and ranchers and holding our trading
partners accountable by enforcing trade rules to ensure our
products are treated fairly. Using all the tools at our
discretion, including the Dispute Settlement Body at the World
Trade Organization, I intend to press our trading partners to
make decisions based on science and to eliminate unwarranted
sanitary and phytosanitary measures that restrict safe,
wholesome U.S. agricultural products from entering their
markets.
The United States is the world's largest agricultural
export economy. U.S. food and agricultural exports reached an
all-time high in 2013, accounting for $148 billion in exports,
but I believe there is much more that we can accomplish.
If confirmed, I am excited to join a dedicated team that is
working on one of the most ambitious trade agendas in decades.
The trade agenda holds great potential for made-in-America
agricultural goods. I am committed to advancing our ongoing
negotiations in TPP and in TTIP, where we are pursuing high-
standard trade agreements that will create significant new
market access opportunities for U.S. agriculture. Eliminating
tariffs and unwanted SPS and technical barriers to trade on
agricultural products will ensure that our producers can
continue to export high-quality, safe American food and
agricultural products.
Finally, I look forward to working with you, Chairman
Wyden, Ranking Member Hatch, and the members of this committee,
to secure Trade Promotion Authority that has as broad a
bipartisan support as possible. If confirmed, I look forward to
working with Ambassador Michael Froman and Congress to further
opportunities around the world for U.S. agriculture.
Again, I thank the President for this opportunity and the
committee for considering my nomination, and I am happy to
answer any questions you might have.
Thank you.
The Chairman. Thank you, Ms. Vetter.
[The prepared statement of Ms. Vetter appears in the
appendix.]
The Chairman. Mr. Selig?
STATEMENT OF STEFAN M. SELIG, NOMINATED TO BE UNDER SECRETARY
FOR INTERNATIONAL TRADE, DEPARTMENT OF COMMERCE, WASHINGTON, DC
Mr. Selig. Chairman Wyden, Ranking Member Hatch, and
members of the committee, I am honored to be under
consideration for Under Secretary of Commerce for International
Trade.
During the past weeks, I have had the opportunity to meet
with many of you to discuss international trade and investment
and the International Trade Administration which, if confirmed,
I would have the privilege of leading. Thank you for your time
and for sharing your thoughts and insights.
As we seek to strengthen our Nation's recovering economy by
creating jobs through expanded trade, increased business
investment, and the enforcement of fair trade practices, your
ongoing partnership will be critical, and I look forward to
working with you, if confirmed.
I bring nearly 30 years of business and finance experience,
working with companies in the private sector to create value.
And I am honored that President Obama and Commerce Secretary
Pritzker believe that I have the talent, energy, and ability to
lead the ITA, the premier government resource for American
companies competing in the global marketplace.
Throughout my career, I have built and maintained trusted
strategic relationships with executives from companies around
the world. I have advised clients across all industries on how
to take advantage of global investment opportunities, and I
have worked closely with companies as they have combined their
businesses to form new ventures. I have negotiated complex
agreements, facilitated transformational deals, and developed
partnerships among global entities. This background would serve
me well if I were to be confirmed as Under Secretary of
Commerce for International Trade.
In addition, my experience directing teams across
geographic regions while serving as executive vice chairman of
global corporate and investment banking at Bank of America
should be highly useful in managing an organization of more
than 2,100 dedicated public servants in more than a hundred
cities across our country and 77 countries throughout the
world. If confirmed, I will work closely with ITA's experts to
develop strategies to increase U.S. exports, boost growth, and
support good jobs throughout the United States.
With 95 percent of the world's consumers residing outside
of our borders, it is critical that we get U.S. businesses,
especially small and mid-sized companies, to expand their
strategic vision to include opportunities in the global
markets. The health of the American economy and the American
worker is more closely tied to global markets than ever before,
and our country can no longer rely on just our domestic markets
for growth and jobs. We can and should be exporting more.
An additional responsibility of the position for which I
have been nominated is to attract, retain, and expand foreign
direct investment in the United States. While the United States
remains the world's largest economy and the most popular
destination for foreign investment, there are a number of
positive secular trends that should allow us to attract even
more inbound investment to the United States.
My career has been spent advocating for my clients so they
can accomplish their strategic goals, and, if confirmed as
Under Secretary, I will employ this very same impassioned
advocacy as a voice for U.S. businesses and workers, economic
development organizations, municipalities, communities, and
other organizations.
Finally, if confirmed, I will ensure that Commerce
continues and builds upon its commitment to the strong
enforcement of our trade laws, ensuring that our domestic
industries and workers are not harmed from unfairly traded
imports or unfair trade practices. I will also work to address
and remove trade barriers that impede U.S. exporters and
investors from competing fairly abroad.
In closing, I believe very strongly that we must do
everything we can to help American companies, regardless of
their size, succeed in the global marketplace. We also must
continue to reinforce the message that American goods and
services are second to none and that the United States remains
the most attractive destination for business investment.
I am truly honored to be considered for the opportunity to
serve my country as Under Secretary of Commerce for
International Trade, and I look forward to taking your
questions.
The Chairman. We will have some momentarily.
[The prepared statement of Mr. Selig appears in the
appendix.]
The Chairman. Dr. Aaron?
STATEMENT OF HENRY J. AARON, Ph.D., NOMINATED TO BE A MEMBER OF
THE SOCIAL SECURITY ADVISORY BOARD, SOCIAL SECURITY
ADMINISTRATION, BALTIMORE, MD
Dr. Aaron. Thank you very much.
Senator Wyden, Senator Hatch, committee members, I too am
honored and pleased to have been renominated by President Obama
for membership on the Social Security Advisory Board. And I am
grateful to this committee for holding these hearings, not only
on my nomination, but also on Dr. Cohen's and Dr. Chen's. I
very much hope that the committee and the full Senate will
confirm all three of us so that the Board once again will have
a full complement of members.
My interest in Social Security is now in its 6th decade. It
began with my doctoral dissertation, completed in 1963. I have
worked on many subjects over my career, including tax policy,
housing policy, government budget issues and health care
policies. I have a list of my work on Social Security, culled
from my resume, which I ask be included in the record, along
with my remarks.
The Chairman. Without objection, Dr. Aaron, that will be
included.
[Dr. Aaron's list of work on Social Security appears in the
appendix on p. 43.]
Dr. Aaron. Thank you.
The most recent addition to that list is a paper I
presented at a conference of international experts on the
challenges posed by population aging, sponsored by Japan's
Ministry of Finance and the Asian Development Bank, which met
in March, at which I was asked to represent the United States.
I believe that my work on topics in addition to Social
Security is an asset that enables me to consider the issues of
Social Security policy in the broad budget and policy context,
not as an isolated entity.
My career has also included many activities in addition to
that, in teaching and research. Early in my career, during the
administration of President Richard Nixon, I was appointed by
then-
Secretary of Housing and Urban Development Carla Hills to chair
a review committee on housing allowance experiments, the
precursor of section 8 housing. I chaired the 1979 Advisory
Council on Social Security, a bipartisan panel then appointed
every 4 years to review Social Security issues. That was the
precursor of the Social Security Advisory Board.
I now serve as one of four academic members and roughly 30
venture capitalists and senior business executives who advise
the Stanford Institute of Economic Policy Research on its
research agenda. And I was a trustee of the College Retirement
Equity Fund, a member of the Board of Trustees of the
Georgetown University, and a member of the Board of Directors
of Abt Associates, a private social science research and
consulting firm with current sales of a bit over $500 million a
year.
I mention these activities because, like the Social
Security Advisory Board, those positions required the ability
to interact with strong-minded people of diverse views, to
express one's views forthrightly, and yet to work together
collegially.
Once again, I want to thank you for considering my
nomination. I look forward to responding, to the best of my
ability, to any questions you may pose.
The Chairman. Dr. Aaron, thank you very much.
[The prepared statement of Dr. Aaron appears in the
appendix.]
The Chairman. Dr. Chen, welcome.
STATEMENT OF LANHEE J. CHEN, Ph.D., NOMINATED TO BE A MEMBER OF
THE SOCIAL SECURITY ADVISORY BOARD, SOCIAL SECURITY
ADMINISTRATION, BALTIMORE, MD
Dr. Chen. Thank you. Chairman Wyden, Ranking Member Hatch,
and members of the committee, thank you for the opportunity to
appear before you today. I am honored by the trust that
President Obama has placed in me, and I am proud to be a
nominee to the Social Security Advisory Board. I am grateful to
Senator Portman for his kind introduction and to Senate
Minority Leader McConnell for the support he has shown to me
throughout this process.
You have met my family already this morning. I am grateful
for their constant encouragement, love, and support, which have
made this day possible. With me today also is a good friend of
mine, Sean Memon.
The Board plays an important role in providing key policy-
makers, including the President and members of this committee,
with plausible policy alternatives to ensure the solvency of
Social Security and related programs, the promotion of economic
security in retirement, and proper coordination between efforts
to ensure health and economic security for America's seniors
and disabled. These are all highly laudable goals and ones I
look forward to promoting, if favorably reported by this
committee and confirmed by the United States Senate.
I believe that I possess the necessary experience,
expertise, and judgment to serve as a member of the Social
Security Advisory Board. I am currently a research fellow at
the Hoover Institution and hold teaching appointments in the
public policy program and the law school at Stanford
University. Over the course of my professional career, I have
addressed specific proposals to ensure the solvency of the
program, studied potential reforms to Social Security at some
of the country's leading policy research institutions, and
taught at the university level about entitlement reform.
I offer a unique perspective, relative to other members of
the Board, by virtue of the fact that Social Security benefits
are likely at least 30 years away for me. Many in my generation
and those younger than me are concerned about the future of the
program. Reforming the program to ensure its solvency for my
generation and beyond is a particular interest and concern of
mine.
Finally, I believe that the Board can play an important
role in strengthening the Social Security, Disability
Insurance, and Supplemental Security Insurance, or SSI,
programs. But it can only play this role if members of the
Board perform their duties with an eye toward consensus-
building, bipartisanship, and with mutual respect for one
another's views.
I look forward to working with my colleagues on the Board,
the President, the Commissioner of Social Security, members of
this committee, the U.S. Congress more generally, and
interested stakeholders, should I be confirmed.
Thank you again, Mr. Chairman, Senator Hatch, and members
of the committee, for the privilege of appearing before you
today. I look forward to earning your support and will be
pleased to respond to your questions.
The Chairman. Dr. Chen, thank you.
[The prepared statement of Dr. Chen appears in the
appendix.]
The Chairman. Dr. Cohen?
STATEMENT OF ALAN L. COHEN, Ph.D., NOMINATED TO BE A MEMBER OF
THE SOCIAL SECURITY ADVISORY BOARD, SOCIAL SECURITY
ADMINISTRATION, BALTIMORE, MD
Dr. Cohen. Chairman Wyden, Ranking Member Hatch, Senator
Warner, who is not with us at the moment, and the other
Senators on the Finance Committee, it is a great honor to
appear before you today as a nominee to be a member of the
Social Security Advisory Board.
I especially want to thank President Obama for nominating
me for this position. I greatly appreciate this opportunity for
public service that he has given me. And I also want to thank
Senator Warner for introducing me today.
The Social Security program provides for wage replacement
for workers and their families when the principal earner in the
family retires, becomes disabled, or dies. Without this
program, many of these families would face very difficult
financial situations. That is why this program is so important.
The Social Security Advisory Board makes recommendations
for the Social Security programs to the President, the
Congress, the Commissioner of Social Security, and interested
citizens. Given the importance of the Social Security program,
the work of this Advisory Board is important as well. That is
why serving on the Board would be a great honor for me.
I believe that my educational and professional experiences
make me ideally suited to serve on this Board. With regard to
my education, I earned a B.A. in 1972 from Grinnell College in
Grinnell, IA. I received a master's degree in public policy
studies in 1975 from the Gerald R. Ford School of Public Policy
at the University of Michigan's Ann Arbor campus. Finally, I
received a Ph.D. in economics in 1979 from the University of
Wisconsin in Madison, WI.
With regard to my professional experience, I was the
analyst for the Social Security program for the Democratic
Staff of the Senate Budget Committee from 1983 through 1991.
And that position required me to be constantly studying issues
related to the financing, development, and administration of
the program.
From 1993 to the year 2000 I held the position of Senior
Advisor to the Secretary of the Treasury for Budget and
Economics. The Secretary of the Treasury serves as managing
trustee of the Social Security Trust Fund. In that role, the
Secretary was a participant in all of the discussions within
the administration regarding Social Security's finances. I
advised the Secretary as he prepared for all of these
discussions.
Finally, from the year 2001 to the year 2012, I served on
the Democratic Staff of the Senate Finance Committee as the
chief counselor to the chairman for Social Security. In the
Senate, the Finance Committee has wide jurisdiction over the
Social Security program. As a result, it plays a critical role
in the financing, policy development, and administration of the
program. In my position as chief counselor, I advised Chairman
Baucus on all of these matters. My work as chief counselor has
been especially important in preparing me for the work I would
do if confirmed to be a member of the Social Security Advisory
Board.
Before I conclude, I want to especially thank a number of
people who have been instrumental in the development of my life
and my career. This includes my brother Barry Cohen, my partner
Valerie Nelken, and my sister-in-law Robbie Cohen, who could
not be here today because of job-related responsibilities. It
includes all of my aunts and uncles, all of whom have already
passed away. But of greatest importance, it includes my father,
Dr. Abraham G. Cohen, and my mother, Ruth Cohen. My mother died
in 1974 and my father passed away 2 years later. Unfortunately,
they never had the joy and the pride of seeing many of the
things I have accomplished in my career. But while they were
alive, their guidance, their support, and their inspiration
made me what I am today. I can never thank them enough for what
they did for me.
Again, I want to thank the committee for asking me to
appear today. I would be honored to have your support for my
nomination, and I would be pleased to answer any questions that
you may have for me.
The Chairman. Thank you, Dr. Cohen, and I am sure your
parents would be kvelling for your wonderful accomplishments.
[Laughter.]
[The prepared statement of Dr. Cohen appears in the
appendix.]
Dr. Cohen. Thank you very much.
The Chairman. Now, at this point in the Finance Committee,
we have to have each nominee respond to four questions. And I
think, in the interest of time, I am going to ask the question
once and then go down the row and have each one of you respond.
They are fairly straightforward.
So the first question is, is there anything you are aware
of in your background that might present a conflict of interest
with the duties of the office to which you have been nominated?
Ms. Vetter?
Ms. Vetter. No, Mr. Chairman, I am not.
The Chairman. Mr. Selig?
Mr. Selig. No, Mr. Chairman.
Dr. Aaron. No, sir.
Dr. Chen. No, Mr. Chairman.
Dr. Cohen. No, Mr. Chairman.
The Chairman. Very good.
The second question is, for each of you, do you know of any
reason, personal or otherwise, that would in any way prevent
you from fully and honorably discharging the responsibilities
of the office to which you have been nominated?
Ms. Vetter. No, Mr. Chairman.
Mr. Selig. No, Mr. Chairman.
Dr. Aaron. No, Mr. Chairman.
Dr. Chen. No, Mr. Chairman.
Dr. Cohen. No, Mr. Chairman.
The Chairman. Very good.
The third question is, do you agree without reservation to
respond to any reasonable summons to appear and testify before
any duly constituted committee of the Congress, if you are
confirmed?
Ms. Vetter. Yes, I agree.
Mr. Selig. Yes, Mr. Chairman.
Dr. Aaron. Yes.
Dr. Chen. Yes, Mr. Chairman.
Dr. Cohen. Yes, Mr. Chairman.
The Chairman. Very good.
The last question is, do you commit to provide a prompt
response in writing to any questions addressed to you by any
Senator of this committee?
Ms. Vetter. I do, Mr. Chairman.
Mr. Selig. Yes, Mr. Chairman.
Dr. Aaron. Yes.
Dr. Chen. Yes, Mr. Chairman.
Dr. Cohen. Yes, Mr. Chairman.
The Chairman. Very good.
So now we will recognize Senators for 5-minute rounds. I
will begin with you, Mr. Selig, and ask simply, I think you
heard Senator Hatch comment on several of your investments. I
would be interested, and I think it would helpful for the
record if you could, in effect, give your response to those
earlier comments.
Mr. Selig. Certainly, Mr. Chairman. In 2007 I made those
two private investments in Sun Capital Partners V and Conversus
Capital. Sun Capital V is a private equity fund, and Conversus
is a publicly traded portfolio of private equity funds.
I have subsequently sold my investment in Conversus, and
pursuant to my agreement with the Office of Government Ethics,
I plan to sell my investment in Sun Capital Partners V.
Prior to Sun Capital Partners V, all of the previous Sun
Capital funds were domestically domiciled. For Sun Capital V,
the GP moved the domicile to the Cayman Islands, which I was
not aware of at the time. As I am not a general partner of the
fund, I do not believe I received any tax advantage as a
limited partner, and I paid all of my taxes in full for each
year of my investment in the fund.
The Chairman. I want to make sure we got that. You did not
get, in your view, any tax benefit from either arrangement and,
in your view, you paid all taxes related to the investments?
Mr. Selig. That is correct, Mr. Chairman.
The Chairman. All right. Is there anything else you would
like to add on that point?
Mr. Selig. I do not believe so, Mr. Chairman.
The Chairman. All right.
Dr. Chen, a quick question for you, if I might. On this
matter of the writing of articles, do you see any problem with
nominees to a Federal advisory board like the SSAB writing
articles on a variety of issues, as long as they are not
writing on issues the Board oversees?
Dr. Chen. Mr. Chairman, thank you for the question. I think
it is crucially important that members of the Board not engage
in writings that would prejudice discussions or deliberations
with respect to issues pending before the Board.
I would say, Mr. Chairman, I do think there are situations
where a general discussion or exposition of a problem that may
be related to an issue that the Board is considering may be an
appropriate grounds for writing. However, none of that writing,
as I said earlier, should discourage or inhibit any
conversation that might take place between members of the
Board.
And I would adhere to that rule, and I would encourage my
colleagues to do the same.
The Chairman. Very good.
Dr. Aaron and Dr. Cohen, do you largely agree with what Dr.
Chen said?
Dr. Aaron. I think he stated it very well.
Dr. Cohen. Yes.
The Chairman. Very good.
My last question really is for you, Ms. Vetter. As you
know, trade is enormously important to my home State and to our
country. One out of six jobs in Oregon depends on international
trade. The trade jobs often pay better than do the non-trade
jobs because they reflect a very high level of productivity.
And of course, with respect to agriculture, what we want to
do is, we want to grow things in America, we want to add value
to them in America, and then we want to ship them somewhere. So
your position is of exceptional importance.
Now, many agriculture groups see huge market-opening
potential in the Trans-Pacific Partnership negotiations.
Nevertheless, several of these groups, including a number that
I care a great deal about, Oregon wheat and dairy producers,
are concerned that Japan's lack of ambition could result in an
anemic market access outcome with respect to those sectors.
You have been closely involved in these negotiations, and,
as the Chief Agricultural Negotiator at USTR, you would be
tasked with delivering a deal that wins for all of agriculture.
Now, I understand the sensitivity of what is going on, but can
you give us at least some general assessment of what your
strategy would be for obtaining an agreement that produces the
most meaningful new market access for a cross-section of our
agricultural interests, including sectors that obviously the
Japanese consider sensitive?
Ms. Vetter. Thank you very much, Mr. Chairman.
As you noted, these negotiations are in a sensitive stage,
but I have been actively involved in them. And our negotiations
with Japan, I think, are picking up the pace.
We have made good progress with them, and Japan has
committed that it will not exclude any product from the
negotiations. Our task right now is to bring home the most
meaningful and ambitious market access possible across the
entire spectrum of U.S. agriculture products, and that includes
the five sensitive product areas that Japan has identified.
We are working very closely right now with Japan, with our
stakeholders, and with members of Congress and your staff to
try to identify what the best landing zone can be on those
issues and how we can get the most ambitious market opening
possible with that critical partner.
The Chairman. Well, I appreciate that, and I have made it a
special priority to build a bipartisan coalition for the trade
policies of the future. The stakes are so high, and it is very
clear that there are opportunities, because this is going to be
a big education job.
People talk about TPA. There are just a handful of
Democrats, for example, who are still in the Congress who have
had some experience with that and voted for it and the like. So
we are going to work very closely with you, and we are going to
work with you in a bipartisan way.
Senator Hatch?
Senator Hatch. Well, thank you, Mr. Chairman.
Ms. Vetter, the protection of intellectual property rights
benefits all sectors of the U.S. economy, including
agriculture. Now, American agriculture producers lead the world
in innovation, and consumers around the globe view American
brand names as a badge of quality.
How do you view the relationship between the protection of
intellectual property rights and agriculture? And, if
confirmed, what will you do to improve the protection of
intellectual property rights for American agricultural
products?
Ms. Vetter. Mr. Hatch, thank you for your question and
thank you for your leadership on this issue.
I know that you have been a strong advocate for
intellectual property protection for many years, and it is
critical to, not only increasing agricultural exports, but
frankly to meeting the food security needs of a world where we
will need to feed 9 billion people by 2050.
I think there are three specific areas that come to mind
for me where we need to work together on protecting
intellectual property rights in agriculture. And one is, of
course, enforcing strong trademarks for U.S. brands that now
are seen as a mark of high quality and of food safety, which is
important to many consumers around the world. So we have to
make sure that those are not infringed upon.
Senator Hatch. All right. Go ahead.
Ms. Vetter. The second area is in geographic indications.
We and the European Union have a difference of views about the
scope and the level of coverage that should be provided to GIs,
and we need to work together to ensure that the U.S. dairy
manufacturers, meat makers, for example, have the opportunity
to sell products under generic names.
And third, of course, is the protection of patents for the
use of biotechnology and nanotechnology. These new technologies
are important now and are widely used by U.S. producers who are
looking for protection for those products overseas, but they
will also be a critical tool in the next generation of
agricultural products that help us deal with the need to
produce more food with fewer natural resources.
So I look forward to working with you on those protections.
Senator Hatch. Well, thank you.
Dr. Chen, one proposal to help the financial conditions of
the Trust Funds associated with the Social Security system,
specifically the Disability Insurance Trust Fund and the
separate Old-Age and Survivors Insurance Trust Fund, is to
increase or eliminate what is called the tax max. Now, as you
know, the tax max represents maximum earnings subject to Social
Security payroll taxes, and is currently at $117,000, I
believe.
Now, justifications for this that I have heard include,
one, we did it before; two, high earners, sometimes called the
rich, have to pay their fair share; and three, there have been
other times when we taxed a greater share of taxable earnings
than we do today. However, the proponents of increasing taxes
seem never to want to talk about the potential downsides,
including adverse labor market effects, just to mention one.
And I believe that is a mistake, to not consider the downsides.
Dr. Chen, if earnings above the current tax max were to be
subjected to payroll taxes, do you believe that there could be
any adverse effects to consider; is there a downside to it?
Dr. Chen. Thank you for the question, Senator Hatch.
Increasing the share of taxable earnings subject to payroll
taxes is certainly a viable option to consider, to help improve
the long-term financial condition of the trust funds. As the
trustees have made clear in their annual report, Congress can
choose to shore up the financial condition of the trust funds
through either reducing benefits, increasing taxes, or some
combination of the two.
Of course, if benefits are altered, no one entertains the
notion of across-the-board benefit cuts. For example, some have
suggested we ought to slow the growth of benefits for upper-
income earners while strengthening or enhancing benefit growth
for those at the bottom end of the wage scale.
To your question, Senator, I am concerned about the labor
market impacts, potentially, of some proposals, such as the one
you have discussed. I do believe that there is a potential
impact with respect to the demand on labor, as well as,
frankly, with respect to the tax reward for work. And so for
those reasons, Senator, I believe we ought to look at a
proposal like that one critically, as we should with all
proposals, quite frankly. But I do believe it is proper to
consider all solutions.
Clearly, we are at a stage where the program faces
significant challenges, and I would certainly encourage the
Board to consider all possible solutions.
Senator Hatch. Well, thank you so much.
Could I ask one more?
The Chairman. Of course, Senator Hatch.
Senator Hatch. Mr. Selig, the International Trade
Administration needs to be a powerful advocate for U.S.
businesses and workers. In a hearing with Ambassador Froman
last week, I expressed my concern that the agencies responsible
for opening world markets for U.S. workers and job creators are
losing the interagency battles necessary to do so. I am
concerned that USTR has not been receiving the support it needs
to prevail in the interagency process.
Now, I am particularly bothered by the apparent lack of
advocacy on behalf of strong intellectual property rights. I do
not mean to harp just on that, but it is important to our
country. Now, will you commit to me today that you and the ITA
will be a strong voice for U.S. intellectual property rights in
the interagency process?
Mr. Selig. Thank you, Senator.
I have met with Ambassador Froman already and talked to him
about these very issues. Intellectual property rights span all
industries and affect virtually every company in our economy. I
commit to you to be vigilant and do everything I can to protect
the intellectual property rights of U.S. companies, big and
small alike.
Senator Hatch. Thank you.
My time is up.
The Chairman. Thank you, Senator Hatch.
Senator Isakson?
Senator Isakson. Thank you, Mr. Chairman.
Ms. Vetter, let me ask you a couple questions about
agriculture. I represent the State of Georgia. One in four crop
acres in my State is planted for export purposes.
I am a big fan of the negotiations that are going on on
both the Trans-Pacific Partnership and the Transatlantic Trade
and Investment Partnership, but I am very worried that, in the
end, we are going to continue to have regulatory barriers to
U.S. agricultural products going into both Europe and the
Pacific. In particular, poultry is the largest product in my
State. Delaware is a huge poultry State. Europe uses non-tariff
barriers like refusing to take chickens that are washed in
chlorinated water, which is just a misdirection play to keep
Georgia chickens out.
What are you doing and what is Ambassador Froman doing to
help bring down these non-tariff barriers to U.S. products?
Ms. Vetter. Thank you very much for your question.
You are absolutely right that, as tariff barriers have gone
down in agriculture, those sanitary and phytosanitary barriers
have, in fact, gone up. And we are working very hard, and, if
confirmed, I will continue to work with you and others to make
sure that we have a strong SPS agenda in these trade
agreements, as well as a tariff agenda.
We are looking at strengthened SPS provisions in the TPP,
stronger than what we have included in past agreements, and we
have been very clear at the outset of the TTIP negotiations
with Europe that we would be seeking a strong SPS chapter and a
real negotiation on the regulatory system.
I am pleased to say that the European Food Safety Authority
has in fact taken the first steps by giving a positive
assessment that PAA, peroxyacetic acid, is actually a safe
product to be used as a pathogen reduction treatment for
poultry. And we will continue to watch and encourage that PAA
goes through the European food safety system and is approved so
that we can export those poultry products.
Senator Isakson. Well, that would be a major change, in and
of itself. Because pathogen reduction has been one of the
requirements they have used to not allow those chickens to come
into Europe. Is that not right?
Ms. Vetter. That is true. That is right. So we will, again,
be watching that issue very closely and working with our
partners in Europe in hopes that that can be an approved
treatment.
Senator Isakson. Mr. Selig, I am a big fan of your future
boss, Ms. Pritzker. She is a terrific Commerce Secretary.
I am also a big fan of expanding trade, realizing that for
American companies, many of them, the ability to expand market
share depends on opening up markets overseas. So I am a big
promoter of trying to get these trade negotiations completed so
we have more opportunity for our companies.
I think it is important, though, that we get Trade
Promotion Authority passed in Congress. And we have one barrier
that I know of, and that is that the Majority Leader, unlike
the President, who has asked for it in his State of the Union
address, the Majority Leader has tended to push it aside, and
we have not had it on the agenda.
I do not think Ms. Vetter can do her job, or that Mr.
Froman can do his job, without TPA. Do you have any comment on
that?
Mr. Selig. Thank you for your question, Senator. I too am a
big fan of the Secretary's.
Both the President and the Secretary are on record
supporting Congress passing the TPA. I do believe that TPA is a
critical tool to bring home all trade agreements, TPP and
others, and that the U.S. would be at a significant
disadvantage without TPA. So I look forward to doing everything
I can to be helpful to Congress moving this legislation
forward.
Senator Isakson. Thank you very much.
Dr. Aaron, when I looked at my schedule last night, I was
so excited that one of my constituents was going to be here
today, in Hank Aaron. [Laughter.] But I found out when I walked
in the room that I did not have the Hall of Famer. But I
appreciate your service to Social Security.
Let me ask you and all three of the appointees to the
Advisory Board, or potential appointees, a question. I am one
of those who tries to refrain from using ``entitlement reform''
when it comes to Medicare and Social Security, because those
are contracts we have with the American people that they have
paid good money for.
But we are not going to be able to fulfill the promises of
Social Security and Medicare if we do not reform both
eligibility, as well as how the formula is done, as well as
look at the revenue sources, like some of the things that Dr.
Chen talked about. I hope the Advisory Board will be a vocal
advocate of different alternatives that Congress has to save
Social Security for the people who have paid for it.
A lot of times when we talk about entitlement reform,
people are afraid we are going to take something away from
them. Well, the worst takeaway of all would be for us to allow
our debt to grow and grow and grow, and our obligations to pass
our ability to pay them, and then there would be nothing left
at all for Social Security or Medicare.
So you have a huge responsibility, and I would like, in the
little time--well, I have only 36 seconds. I hope, as members
of the Board, you will take the opportunity to be outspoken on
different paths that we can take to save programs that the
American people have paid for and that we promised them.
The Chairman. And I want my colleague to have the time to
be able to get a response. He has been very thoughtful, worked
with me on chronic disease in terms of Medicare. So, Senator
Isakson, you have additional time, and then we will recognize
Senator Thune.
Senator Isakson. Thank you, Mr. Chairman.
Dr. Aaron. My response is that I think you have stated the
problem and the challenge admirably. I also thought that Dr.
Chen's description of the options before us was very well-
crafted.
There are projected long-term deficits in Social Security,
and near-term deficits in the Medicare Hospital Insurance Fund.
Whatever we do to deal with those shortfalls is going to entail
some tough choices, either raising revenues in some fashion or
reducing the rate of growth of benefits in some fashion.
Those are not options I think that rank high on the
preferences of any of us, standing by themselves. But I think,
working together, we can fashion compromises that should
command widespread support in Congress and sustain these
vitally important programs in the years ahead.
Senator Isakson. Thank you.
Dr. Chen?
Dr. Chen. Senator Isakson, first of all, thank you for your
leadership on these crucial issues. I just agree with my
colleague; I think it is crucially important that we work
together to ensure that the promises that we have made to our
seniors and those who are disabled are promises that this
government continues to be able to keep.
And so, those are things that are important, and they would
be a priority of mine, certainly, on the Board as well.
Senator Isakson. Good.
Dr. Cohen?
Dr. Cohen. Social Security does have a modest long-run
financing problem. We can pay full benefits for the next 20
years and still be able to pay three-quarters of benefits
thereafter, but that is not good enough. And so the Board,
along with everybody else who worries about the Social Security
program, will be looking at ways to fix that long-term
financial challenge.
And I might add, Senator, that the Board has pioneered the
notion of getting all the options out on the table, and that
they have published from time to time a list of all of the
options for reducing the long-run financing problem of Social
Security and how much each option would contribute to reducing
that amount.
So I expect to work very much with the Board, on the Board,
on these issues. The Board has taken a strong interest in this
in the past.
Senator Isakson. I just wanted to make a point, Mr.
Chairman.
The Chairman. Please do.
Senator Isakson. I was born December 28, 1944. In 1983,
President Reagan and Tip O'Neill reformed eligibility for
Social Security by saying anybody born after 1943 could not get
it at age 65; they had to wait till age 66.
I was born in the year after 1943. I did not think I was
going to live to 66 to begin with. And my father had always
told me the government was going to screw it up, and I needed
to save for myself. And when I got to age 65, I did not even
realize I had had a year taken away from me 29 years ago.
My point is this: The quicker we deal with the fix, because
of the time value of money, the easier the fix is going to be,
both on the benefits side and the revenue side. And we still
have time to do that, but we are going to need to elevate the
discussion about that subject.
And I appreciate the extra time. Thank you.
The Chairman. Thank you, Senator Isakson.
I am going to talk at the end a little bit about how we
might elevate the discussion, because I think Senator Isakson
is making an extremely important point. And on these issues, he
has clearly been part of the effort to bring Democrats and
Republicans together, and that is the key.
Senator Thune?
Senator Thune. Thank you, Mr. Chairman. And I would also
like to associate myself with the remarks of my colleague from
Georgia, and welcome the people who are going to be advising on
these important issues, as there is no more important domestic
policy issue, in my view, than dealing with the debt and
deficit challenge that we are facing. And it is a crisis today;
it is going to become even a bigger crisis if we do not deal
with it.
I want to speak a little bit to trade, so I would like to
direct this question to Ms. Vetter. But one of the reasons that
we need TPA is in order to reach a successful conclusion of the
Trans-Pacific Partnership, or TPP.
And as you know, a major focus of our agricultural
producers is further opening the Japanese market to our
products. Unfortunately, the Japanese government continues to
insist on limiting access for certain commodities, such as
wheat and rice, dairy, beef, pork, and sugar. And, while it may
not prove feasible to completely eliminate every single tariff
on every agricultural product, I think it is important that we
reaffirm that the goal of America's free trade agreements is to
come up with across-the-board tariff elimination. And I would
argue that marginal improvements in market access simply are
not good enough.
So is your view that the goal of TPP should be tariff
elimination across the board, and, if confirmed, is this a
position that you will advocate for as America's Chief
Agricultural Negotiator?
Ms. Vetter. Thank you very much for your question.
Indeed, in our negotiations on market access with all of
our TPP partners--and there are a few where we do not yet have
market access or free trade agreements--we are seeking as our
goal tariff elimination on all goods, including those in
agriculture. And our goal at the moment is to go line by line
with those countries through those products and achieve the
best and fullest market access agreement possible that we can
get on all of those products.
I would note, as I noted earlier on a question that Senator
Wyden asked, that indeed our negotiations with Japan are
difficult, but Japan has agreed that there will not be any
exclusions of products and that each product, including those
sensitive ones, will be addressed in this agreement.
So our goal right now is working with you and with our
stakeholders to get that best deal possible for all of U.S.
agriculture.
Senator Thune. Well, I guess I would point out too that I
think it is important to keep in mind that the amount of new
market access that we get from Japan is going to impact the
market access we receive from other TPP countries. And a good
example of this dynamic is dairy in Canada. We have, under
NAFTA, dairy producers who have benefitted enormously in the
American Southwest because of increased exports to Mexico,
given the proximity to that country. Yet dairy producers in
States with close proximity to Canada, such as South Dakota,
continue to be limited in our dairy exports by virtue of their
supply management system.
So, if confirmed, how will you ensure that Canada makes the
reforms necessary to eliminate unjustified barriers to U.S.
agricultural products? And how did the past few weeks'
agricultural market access discussions with Japan impact our
ability to secure robust and commercially meaningful access to
the Canadian dairy market?
Ms. Vetter. Well, Senator, I could not agree with you more
that the time is now for Canada to come forward with strong
market-opening offers on dairy and poultry and egg products. We
were very clear with Canada when they joined the TPP
negotiations that we would be pushing hard for additional
access to that market in those areas where we did not gain
access under NAFTA.
And, if confirmed as Chief Agricultural Negotiator, that
will be one of my top negotiating priorities, making sure we
can take advantage of that proximity to that critical market
for us.
Senator Thune. All right.
Well, coming back to Asia, we recently raised with
Ambassador Froman the growing problem with China and them not
approving in a timely manner a lot of the new biotech traits
for corn and soybeans. And I know from your position at USDA
that you are familiar with that situation and the trade
disruptions that it is causing.
And I guess, again, I would ask, if you are confirmed, will
you urge your counterparts in China to move expeditiously on
the approval of agricultural biotech products that have already
been approved in the United States for entry into the Chinese
market? And similarly, will you work with the EU as part of the
TTIP agreement to ensure that food safety systems are based on
sound science and not other considerations? That is an issue we
have, as you know, with the Europeans as well.
Ms. Vetter. Absolutely. Those, in fact, are two top
priorities that I have been working on in my position at USDA.
And, if confirmed, I would be happy to continue to work with
you to make sure we can advance our trade in biotech and other
products, and to encourage science-based decision-making.
Senator Thune. All right. Good. Thank you.
Mr. Chairman, that is all I have. My time is up.
The Chairman. Thank you, Senator Thune.
Let me say to our nominees, we have four votes coming up on
the floor.
So I am going to say to you, Mr. Selig, I want to submit a
question in writing with respect to trade enforcement, because
certainly a big part of the country, when they hear about
additional trade agreements--and I have voted for essentially
every major market-opening agreement in my time in public
service--people want to know, what are you going to do to
enforce the laws on the books? So we will need that response
quickly in writing from you, with respect to trade enforcement.
And, apropos of Senator Isakson's very good point about
raising the dialogue, which is a viewpoint that I share, I
would like to say to the three nominees for the Social Security
positions, I would especially like you to look at new ways to
bring younger people into this discussion. Because I can tell
you, I go to high schools. Now we call the program Listening to
Oregon's Future. And we spend the first 40 minutes or so
talking about student loans and parks and recreation areas that
young people care about.
And so I often say, I assume that you all are 16, 17, 18?
And they say, that is right, Senator. I say, well, I bet when
you get up in the morning and you are talking to your friends
on your cell or you are tweeting or communicating with Facebook
or something, I bet you talk about Medicare. [Laughter.] And
they all look at me like I just lost it. And I say, and if you
go on a date, you talk about Social Security. I am sure you do.
[Laughter.]
And then I say, of course I am kidding. But I am not
kidding completely, because, apropos of Senator Isakson's
point, we need to start this intergenerational dialogue in
order to build bipartisan solutions that really span the
generations. So, Senator Isakson talked about raising the
dialogue. I would particularly like you to bring more younger
people into that discussion.
So, unless there is any other business or further questions
for our nominees, we will just wrap up today. Members should
know that we will keep the record open until Monday close of
business. We will have a written question for you, Mr. Selig.
Other members may have questions in writing.
My hope is that we can get all of you confirmed
expeditiously. I will do everything I possibly can to do that.
And with that, the Finance Committee is adjourned.
[Whereupon, at 11:24 a.m., the hearing was concluded.]
A P P E N D I X
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