Lew on IRS: Never again

He hailed the president's pick of Danny Werfel to take over the IRS, calling him "a person of high integrity, and he's earned the confidence of Democrats and Republicans for his professionalism."

Werfel was previously the controller of the White House's Office of Management and Budget.

In his first month on the job, Werfel has been tasked with reviewing the matter to find out who was responsible and hold them accountable, as well as identify any systemic issues at the IRS that could have allowed the targeting to occur, according to Lew.

Lew appeared before the panel to discuss the latest state of financial regulation, but the IRS scandal loomed large over the topic of the day.

Chairman Tim JohnsonTim JohnsonCourt ruling could be game changer for Dems in Nevada Bank lobbyists counting down to Shelby’s exit Former GOP senator endorses Clinton after Orlando shooting MORE (D-S.D.) opened the hearing to express his "sincere disappointment and anger" over the practice, and commended the Obama administration for taking "swift action." Sen. Mike CrapoMichael (Mike) Dean CrapoOvernight Regulation: Feds push to clarify regs on bump stocks | Interior wants Trump to shrink two more monuments | Navajo Nation sues over monument rollback | FCC won't delay net neutrality vote | Senate panel approves bill easing Dodd-Frank rules Overnight Finance: GOP delays work on funding bill amid conservative demands | Senate panel approves Fed nominee Powell | Dodd-Frank rollback advances | WH disputes report Mueller subpoenaed Trump bank records Senate panel moves forward with bill to roll back Dodd-Frank MORE (R-Idaho), the ranking Republican on the panel, said he would be "remiss" if he did not address the IRS matter even though the committee does not technically have jurisdiction over the "troubling and disturbing" matter.