The Insured Retirement Institute congratulated Sen. Ron Wyden, D-Ore., for taking over as chairman of the Senate Finance Committee. IRI President and CEO Cathy Weatherford said that he will have considerable power over tax policy in this position and she hopes that tax incentives for retirement savings will remain a top priority.

Wyden, who replaces Sen. Max Baucus, D-Mont., takes over the position today, Feb. 13. He has said that he wants to tackle the "dysfunctional, rotting mess of a carcass that we call the tax code," but added that he will keep several tax provisions that are about to expire for another year as he and his colleagues work on tax reform.

"We congratulate Senator Wyden on his selection to this post. As Chairman of the Senate Finance Committee, Senator Wyden will have considerable influence over the direction of tax policy in America and, as such, he also will have a significant leadership role on retirement policy issues," Weatherford said.