WASHINGTON — Sen. Max Baucus, the outgoing chairman of the Senate Finance Committee, was unanimously confirmed by the Senate on Thursday as U.S. ambassador to China.
The Democrat from Montana was a leader in the Senate on tax reform. Late last year, he unveiled four tax-reform discussion drafts, including one on energy tax reform that would not allow new clean renewable energy bonds and qualified energy conservation bonds to be issued after Dec. 31, 2016.
Prior to being nominated to the ambassador post, Baucus had announced that he would not run for reelection this year.
The Senate voted 96-0 in favor of confirming Baucus, with three senators not voting and Baucus voting "present" on his own nomination.
The confirmation is expected to pave the way for Sen. Ron Wyden, D-Ore., to become Senate Finance Committee Chairman. Wyden is known in the municipal bond market for introducing tax-reform bills that would replace the tax-exemption on municipal bond interest with a traditional tax credit and eliminate issuers' ability to do advance refundings.
