Crapo Named Chairman of Senate Finance Committee

Washington, D.C.--U.S. Senator Mike Crapo (R-Idaho) has been confirmed as Chairman of the powerful Senate Finance Committee in the 119th Congress.  The Senate Finance Committee oversees over 50 percent of the federal budget, and Crapo’s position gives Idaho a strong voice in legislation related to federal tax policy; federal social safety net and health care programs, including Social Security, Medicare and Medicaid; and implementation of foreign trade agreements. 

“I am honored to serve as the Chairman of the Finance Committee in the 119th Congress, and thank my colleagues for their confidence and support,” Crapo said.  “In addition to quickly confirming President Trump’s nominees, the Committee has important work ahead to preserve and build on pro-growth tax policies, improve our global competitiveness in trade deals, and expand access to affordable, quality health care.  I look forward to working with my colleagues on pro-growth policy that will enhance opportunities for American families and job creators.”

For a complete list of Senate Finance Committee members for the 119th Congress, click here.

Tax

As Americans continue to struggle with lingering inflation and high prices, I am committed to preserving and extending pro-growth tax policy.  With many of the Tax Cuts and Jobs Act’s (TCJA) provisions set to expire at the end of 2025, Congressional Republicans are focused on preventing an over-$4 trillion tax hike on American workers and businesses.  

The TCJA led to one of the strongest economies in generations: unemployment dropped to historic lows and economic gains flowed to all demographic groups and income levels.  Middle-income Americans thrived as median household income reached an all-time high and small businesses and entrepreneurs received crucial tax relief.

The TCJA’s competitive corporate rate, paired with other pro-growth tax policies and international tax reforms resulted in record repatriations of foreign earnings by American businesses and increased domestic investment, particularly in research and development.  Since the TCJA’s passage, not a single U.S. company has moved its headquarters abroad for tax purposes, creating more opportunities for American workers.

The Finance Committee will be focused on preserving and continuing to build on these important tax policies to maintain a competitive environment for U.S. businesses, ensure Americans have access to high-paying jobs and allow Idahoans and taxpayers across the country to keep more of their hard-earned money.  We will also consider important new tax policies to provide further relief to the American families, workers and small businesses who continue to grapple with the unaffordable cost of living.

Additionally, we will work to ensure that the Internal Revenue Service (IRS) wisely stewards the funding it receives and improves the taxpayer experience.  After years of problems with service delivery and tax law administration—despite billions in additional funding—I will work with my colleagues to hold the IRS to its obligations.

It is also time to act on bipartisan legislation to relieve double taxation on cross-border investment between the U.S. and Taiwan.  The legislative package negotiated last Congress—provisions of which passed unanimously through the Finance and House Ways and Means committees—demonstrates Congress’s willingness to strengthen its economic partnership with Taiwan and facilitate mutual investment.

Trade

The United States must resume negotiating real, comprehensive trade deals that expand market access for American producers.  After years of the Biden Administration abdicating this important responsibility, Congress must work with the U.S. Trade Representative to reauthorize key trade programs, enforce existing agreements, and negotiate on behalf of American farmers, producers and manufacturers.

We must demonstrate to our trading partners that the United States, rather than China, presents the best opportunity for a brighter economic future.  American farmers win when they have a chance to compete.  Whether it be Idaho potatoes and dairy, or Iowa soybeans and pork, or South Dakota wheat, or Kansas beef or Texas cotton, our farmers are the best in the world.

Our manufacturing, innovation, creative and tech industries are also second to none.  The Committee must help workers in these industries by negotiating critical rules on technical barriers to trade, intellectual property and key digital trade provisions, such as on non-discrimination and free data flows.

I am confident the Committee will work in a bipartisan way to advance our shared goals of protecting the free flow of information across borders, ensuring access to open markets for American digital goods and ending the forced transfer of U.S. technology and intellectual property.  We must combat China’s predatory practices in digital trade and protect the more than 8 million Americans who work in the digital economy, driving innovation and growth.

It is also well past time to modernize our customs laws to empower our law enforcement agents with the necessary tools and authorities to secure our borders from illegal drugs, counterfeit products and other dangerous goods while ensuring legitimate commerce can proceed swiftly and efficiently.

As Chairman, I am committed to working with the Trump Administration to enforce our rights against unfair trade practices and negotiate good trade deals on behalf of the American people.

Health Care

The Committee will also work to ensure Americans and Idahoans have access to effective and affordable health care.  I am optimistic we will be able to continue our bipartisan work on issues like rural health care access, pharmacy benefit manager (PBM) reform and long-term payment stability for doctors.

Too many Americans are cut off from quality care in remote, rural areas.  We must make certain rural America can access reliable, high-value health care provided by facilities that are adequately staffed, trained and resourced.  The Committee will continue its work of shoring up telehealth capabilities, expanding mental health care resources, and preventing rural closures in these communities.

Efforts to enact much-needed PBM reform will continue, as certain problematic practices jeopardize the viability and financial stability of pharmacies, driving up costs for consumers.  We will focus on modernizing Medicare’s prescription drug benefits, driving down patient costs at the pharmacy counter and netting billions in savings for taxpayers.

As we work with the Trump Administration to address America’s epidemic of chronic disease, the Committee must also streamline clinician payment systems and incentivize alternative payment models that reward providing better care at a lower cost.  We must improve primary care, support chronic-care benefits in Medicare and provide Medicare doctors with long-term payment stability.

Finally, all Americans deserve timely, affordable access to the most novel treatments and cures.  America remains the world’s biopharmaceutical innovation leader, but adversaries like China threaten our global dominance.  The Committee will conduct aggressive oversight of the so-called Inflation Reduction Act and enact policies that mitigate the adverse consequences of this law on patients, innovators and taxpayers.   

Protecting Social Security

The Social Security Administration provides more than $1 trillion in benefits to millions of seniors, individuals with disabilities and their families each year, and Congress has the important task of protecting and strengthening the Social Security system.  From improving the agency’s customer service to shoring up the program’s solvency for future beneficiaries, we must work together to keep our promises to the next generation of Americans.

Biography  

U.S. Senator Mike Crapo (R-Idaho) joined the Senate Finance Committee in 2005 and became the Committee Chairman in January of 2025.  He served as its top Republican from 2021 to 2025.  Senator Crapo strongly supports free market policies that fuel economic growth.  Building on the successful 2017 tax reform law, increasing access to quality, affordable health care and promoting the United States’ global competitiveness through free and fair trade are among his top priorities.  In addition to serving on the Senate Finance Committee, Senator Crapo is a current member and former Chairman of the Senate Committee on Banking, Housing and Urban Affairs; and a member of the Senate Budget Committee.  Senator Crapo also serves on the Joint Committee on Taxation, a bipartisan committee with members of both the House and Senate who work collaboratively on the tax legislative process.  His sensible approach has earned him the respect of his colleagues, and he has been selected to serve in various other leadership roles in the 119th Congress, including as Chief Deputy Republican Whip.

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