Sen. Ron Wyden, D-Ore., has been confirmed as chairman of the Senate Finance Committee, succeeding Max Baucus, D-Mont., who was confirmed last week as Ambassador to China.

Wyden, who was confirmed Wednesday night, is expected to continue the bipartisan efforts at tax reform that his predecessor had been carrying out with the chairman of the tax-writing House Ways and Means Committee, Rep. Dave Camp, R-Mich. Baucus and Camp have released a series of proposals and discussion drafts about various aspects of tax reform, but the prospects for meaningful tax reform are murky in an election year. Camp is reportedly set to release a more concrete set of proposals for overhauling the Tax Code in the next few weeks, according to The Hill.

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