By Vicki Needham - 02/07/13 12:30 AM EST
"It is my hope that — after a thorough vetting process — Jack Lew will be quickly confirmed so he can help tackle our country’s pressing economic issues.”
During the past several weeks, Democratic and Republican members of the panel have met one-on-one with Lew to gauge his proficiency to take the over the Cabinet spot vacated by Timothy Geithner.
Lew is known for his budget expertise but senators and financial executives want to probe deeper into his overall capability of handling the broad range of subjects need to head the department that was charged with leading the nation out of the 2008 financial crisis.
Some on Wall Street are questioning his knowledge of derivatives and all of the reforms mandated by the Dodd-Frank law, which are mostly in the hands of regulators.
Lew did do a brief stint at Citigroup but that hasn't shed much more light on what he might offer during his tenure at Treasury.
While Senate Democrats have largely lined up in support behind his nomination, Republicans have mostly withheld comment, waiting to review the paperwork he is required to submit before being considered for the top spot at Treasury.
Sen. Orrin Hatch (Utah), the top Republican on the Senate Finance Committee, has said that his main concern is whether he has enough experience to lead the agency.
Senators also plan to question Lew on how he would handle his role as head of the Financial Stability Oversight Council, a regulatory body that oversees the financial market.
Still, most senators look at Lew as smart enough to handle the responsibilities of the weighty job.