Financial Regulatory Forum

Rangel to step aside from key US Congress tax post

WASHINGTON, March 3 (Reuters) – The embattled chairman of the tax-writing U.S. House of Representatives Ways and Means Committee, Charles Rangel, said on Tuesday he will step aside temporarily as chairman after being admonished by a House ethics panel.

“I have this morning sent a letter to Speaker (Nancy) Pelosi asking her to grant me a leave of absence until such time as the ethics committee completes its work,” Rangel told a news conference at which he took no questions.

The House ethics committee publicly admonished the New York Democrat last week for taking corporate-paid trips to the Caribbean in violation of the chamber’s gift rules.

The panel, composed of three Democrats and three Republicans, is still looking into other matters involving Rangel, including his use of a rent-controlled apartment and his fund-raising for the Charles Rangel Center for Public Service in New York.

U.S. media, citing unnamed sources, said Rangel was encouraged to step aside before the House could vote on a Republican measure to strip him of his chairmanship, which could have happened as early as on Wednesday.

U.S. tax bill demands reporting by banks, rich to fight offshore evasion

U.S. Senator Max Baucus (D-MT), chairman of the Senate Finance Committee, smiles before the Committee passed the Democratic healthcare reform bill with a 14-9 vote, October 13, 2009 on Capitol Hill in Washington. (File Photo) REUTERS/Jason Reed  (UNITED STATES POLITICS HEALTH)  By Kim Dixon
WASHINGTON, Oct 27 (Reuters) – U.S. Democrats aim to stop rich Americans from hiding assets offshore to evade taxes by slapping penalties on individuals and foreign banks, according to legislation introduced in the U.S. Congress on Tuesday.