This transcript is automatically generated
Chelsea in the meantime Treasury Secretary nominee Jack -- facing tough questions on his personal investments.
And time while at Citigroup from the senate finance committee of course during his confirmation hearing straight to rich it's not Capitol Hill the latest rich.
Well given -- 2012 campaign -- what President Obama criticized governor Mitt Romney for private equity a number of other issues dealing with this compensation.
Overseas accounts and investments Jacqueline does have a couple of issues here -- Republicans to say this is a hypocritical pick.
Jack Lou does have may or did have a venture capital investment that was organized in the Cayman Islands to that he says he didn't know that it was organized in the Cayman Islands.
He was transparent on -- reported on his taxes and took a loss from it was also paid -- nine and 40000 dollar bonus 20082009.
From Citi an institution that took taxpayer money.
To that -- says that it was a private firm he had nothing to do with investments instead he ran the business.
Of the business it's also been a lengthy conversation about tax reform and -- does say.
There is room -- there is room in that process to raise taxes.
I think that there is still more work to be done in terms of the fiscal path and we need more revenue to be part of it.
I think that separate from that there's a need to do tax reform.
And in clearing out the tax code and broadening the base there's room to raise the revenue that we need.
-- Will also says that both these business side in the individual side of the tax code should be reformed.
He talked about a minimum worldwide tax rate -- didn't get very specific on that.
Also says that when it comes to clearing out tax deductions that federal government and congress must consider what what business tax investments in what business tax loopholes can be closed.
They don't necessarily give an advantage to companies for coming here you've you've basically said oil and gas is an -- example of that because.
You know oil and gas companies are not gonna move overseas because the resources are underneath US soil so whatever makes its most competitive.
In an international system.
Back -- okay -- -- -- as always thanks.