WASHINGTON - Jack Lew, the nominee for Treasury secretary, said he was not aware that a personal investment involved a fund in the Cayman Islands and said he lost money when he sold the holding.
Lew, selected by President Obama last month to succeed Timothy Geithner, responded to senators' questions about the investment and his work at Citigroup Inc. as he testified at his confirmation hearing before the Senate Finance Committee on Wednesday.
Committee Chairman Max Baucus (D, Mont.) said a panel vote on Lew's nomination would likely occur after the Senate returns from next week's scheduled recess.
So far, no Republicans on the panel have said how they would vote. Sen. Charles E. Grassley (R., Iowa) said in a statement after the hearing that he was surprised Lew professed to be unfamiliar with a Cayman Islands address associated by critics with tax avoidance.