Last week, the U.S. Senate approved the nomination of Senator Max Baucus (D-MT) as the next U.S. Ambassador to China by a 96-0 vote. Although Senator Baucus’ departure will certainly have an effect on foreign policy, it has also set off a chain reaction as Senators move into key leadership positions on tax and energy issues.
Senator Baucus’ departure vacates the Chairmanship of the Senate Finance Committee, which has wide jurisdiction over all issues relating to tax, trade, and entitlement programs. In his place, Senator Ron Wyden (D-OR) will take the helm at the Finance Committee, leaving his current post as Chairman of the Committee on Energy and Natural Resources. Senator Mary Landrieu (D-LA) will replace Wyden as Chairman.