Treasury secretary nominee Jack Lew will face questions at his confirmation hearing next week about an investment fund registered in a Cayman Islands building that has been called a notorious site for tax haven abuse.
Lew invested $56,000 in the fund, which was run by his former employer Citigroup, and sold his investment in 2010 for $54,418, according to the Senate Finance Committee.
Lew, the White House chief of staff, is to appear before the Senate Finance Committee on Wednesday as he seeks to become the next Treasury secretary.
Lew was confirmed by the Senate in 2009 as head of the Office of Management and Budget, during which he faced a similar vetting process. The Citigroup fund did not come up then, even though his investment had been disclosed.
The investment fund could become an issue during the upcoming hearing because Lew’s job as Treasury secretary would give him a major role in shaping the administration’s tax policy. The president has targeted tax haven abuse as a major problem in the country’s tax system.