Congressman Aaron Schock (R-IL) has been named by House Ways and Means Chairman Dave Camp to serve as a Republican leader for the Financial Services working group. Schock will be one of only two Republicans charged with this effort. The Financial Services working group will oversee the tax treatment of the financial products traded on both the Chicago and New York exchanges, as well as the tax policy as it relates to the banking and insurance industries.
"After two years and more than 20 hearings on comprehensive tax reform, these working groups have been established to design the legislative framework that will ultimately become the tax reform package. This is similar to the path that was taken in 1986 when tax reform was last completed," said Schock. "In this new role, I will be able to advocate for those Illinois job creators in the financial industry and strengthen our state's role in the global marketplace. Our goal will be to create a more simple tax code without hurting the jobs here in Illinois."
In announcing the formation of the working groups Chairman Camp praised Schock's service on the Ways and Means committee and the new role he will play in crafting the tax reform legislation. "I appreciate Mr. Schock's continued work on comprehensive tax reform and know that he will bring significant experience and knowledge to the financial services working group," said Camp.
Each of the 11 groups will review current law in its designated issue area and then identify, research and compile feedback related to the topic of the working group. The working groups will be responsible for compiling feedback from: (1) stakeholders, (2) academics and think tanks, (3) practitioners, (4) the general public and (5) colleagues in the House of Representatives. Once the work of those groups has been completed, the Joint Committee on Taxation will prepare a report for the full Committee, due by April 15, 2013, that describes current law in each issue area and summarizes the other information gathered by the Committee Members.