The nominations of Penny Pritzker for Commerce secretary and Anthony Foxx as Transportation secretary advanced to the full U.S. Senate, bypassing the political fights that have stymied other high-level appointments.
White House official Michael Froman, seeking confirmation as U.S. trade representative, told a Senate committee he would press lawmakers to renew the president’s authority assuring speedy action on trade deals.
Republicans defended Mitt Romney against criticism from Democrats that he avoided taxes by keeping money stashed overseas. Those roles are now reversed with the disclosure that President Barack Obama’s pick to run the Commerce Department does the same thing.
Chicago billionaire Penny Pritzker sailed toward confirmation as U.S. Commerce secretary after satisfying some critics over her offshore investments and role in a bank’s collapse during testimony at a Senate committee.
Chicago billionaire Penny Pritzker inadvertently understated a portion of her income by at least $80 million in a disclosure form required for her nomination to be U.S. Commerce secretary and has amended the document.
U.S. Commerce Secretary nominee Penny Pritzker received $54 million last year from an offshore trust in the Bahamas, according to a disclosure report that describes an empire of casinos, hotels, energy companies and family trusts that may be worth more than $2 billion.
Chicago billionaire Penny Pritzker probably will be confirmed as U.S. Commerce secretary, Senator John Thune of South Dakota, top Republican on the Senate Commerce panel, said today after she testified at a hearing.
Receiving $54 million in consulting fees for a decade’s work on her own family’s offshore trusts is unusual and probably saved U.S. Commerce Secretary nominee Penny Pritzker on taxes, according to estate experts.
Accounting changes that would require companies to report more of their leases as assets and liabilities may encourage businesses to structure shorter-term rental agreements that could hamper the ability of lessors to predict cash flows, according to Fitch Ratings.