Sen. Chuck Grassley, R-Iowa, will be the next chairman of the Senate Finance Committee, the chamber’s lead panel on taxes and trade.
“Looking ahead, at the Finance Committee, I want to continue to work to make sure that as many Americans as possible get to experience this good economy for themselves,” Grassley said in a Friday morning release.
The Iowa Republican will replace retiring Sen. Orrin Hatch, R-Utah, who presided over the Senate markup of last year’s tax reform law and received the Presidential Medal of Freedom at the White House today.
Grassley previously served as the committee’s chairman twice, once for a six-month stint in 2001, then from January 2003 to January 2007. He’s also twice served as the committee’s ranking member.
Grassley gives up his chairmanship of the Senate Judiciary Committee, where he oversaw the nomination processes for Supreme Court Justices Neil Gorsuch and Brett Kavanaugh, among a number of other judges nominated by the Trump administration, in order to take the top slot at the Finance Committee. Sen. Lindsey Graham, R-S.C., is expected to take over the chairmanship of that committee.
In his announcement, Grassley emphasized using the gavel to better benefit middle America, including enabling American manufacturers and farmers to export more of their goods across the world. That will include working on legislation to implement the new free trade agreement between Mexico, Canada, and the U.S., as well as holding hearings on potential changes Congress might want in the deal. Farmers have also been hit hard by tariffs placed on their goods by China’s government, in retaliation for tariffs President Trump unilaterally imposed on Chinese imports.
While Grassley helms the powerful committee once more, he faces tough chances of authoring legislation as sweeping as last year’s tax law due to Democrats retaking the majority in the House of Representatives.
But prescription drug prices may be one area where Grassley might find common ground with his counterparts across the aisle.
Grassley will likely be more critical of the pharmaceutical industry than was his predecessor. He was a co-sponsor of the Sunshine Act, which called for pharmaceutical companies to disclose the payments they make to doctors for travel to events or for meals and other items.
Grassley has also sought to fight for more drug price transparency. For instance, he and Sen. Dick Durbin, D-Ill., fought to add to a September spending deal a provision to require drugmakers to add list prices on TV ads.
Due to Senate Republican rules, Grassley can only serve as Finance Committee chairman during the upcoming Congress.
Robert King contributed to this report. The report has been updated.
