Koskinen Approved By Senate Committee to Head IRS 

John Koskinen, the 74-year-old multimillionaire with a long history of accomplishments, has been approved by the US Senate Committee on Finance to become the new Commissioner of the Internal Revenue Service. 

The action clears the way for Koskinen to be voted upon by the full Senate before it recesses for the year.  While he has no experience in tax administration, he is considered an expert in turning around troubled organizations.  He is poised to take over leadership of the tax agency later this month. 

Koskinen is a former chairman of US mortgage financier Freddie Mac.  Koskinen has also served as city administrator of Washington, D.C., president of a corporate turnaround firm and leader of the federal government’s preparations for computer issues related to the year 2000. 

According to disclosures he filed this year, Koskinen’s net worth ranges from $7.1 million to $27.4 million. In those disclosures, he said he would resign his position as a director of AES Corp. and American Capital Ltd. and sell stock holdings. 

Source:  Bloomberg News at http://www.bloomberg.com/news/2013-12-17/senate-sets-up-confirmation-votes-for-leaders-of-fed-irs.html