Congressman Sherman is a senior member of the House Foreign Affairs Committee and serves as the senior Democrat on the Subcommittee on Asia. He is also a senior member of the Financial Services Committee.
During his tenure in Congress, Sherman has developed a reputation as a strong advocate for fiscal responsibility, a balanced budget, federal aid to education, the interests of working families, strong environmental standards, the protection of Social Security and Medicare, and policies to expand U.S. exports.
According to USA Today and The Washington Post, Congressman Sherman led the effort to prevent taxpayer dollars from being used for unlimited bailouts to Wall Street giants. In 2009, he took an important role in crafting legislation that ended bailouts putting taxpayers on the hook for risky Wall Street behavior, by successfully defeating the Treasury Department’s proposal for permanent, unlimited TARP.
A consumer rights advocate, Sherman was among the leaders behind the formation of the Consumer Financial Protection Agency, which protects consumers from financial institutions issuing credit cards and offering costly overdraft protection. Sherman also protected families’ retirement funds and college savings and put controls on companies which reward corporate CEOs multi-million dollar bonuses for bad performance. Congressman Sherman led the effort to oppose the Bush Administration’s TARP bailouts, all while championing financial reforms that would bring transparency to Wall Street.
Early in his congressional career, while serving on the House Budget Committee in 1997, Congressman Sherman authored an amendment to the annual Budget Resolution providing an additional $700 million for the acquisition of environmentally important lands in FY ‘98. The Sherman Amendment was included in the Joint Budget Resolution and effectuated by a $699 million appropriation. Sherman also secured $20 million to acquire land and to complete the Backbone Trail through the Santa Monica Mountains National Recreation Area.
Congressman Sherman’s public service career includes serving on the California State Board of Equalization from 1991 to 1996. He was Chairman of the Board from 1991 to 1995. As a board member Sherman led the successful fight to repeal the snack tax, which previously required grocers to differentiate between a cupcake and a muffin, imposing an inconsistent tax burden on needy Californians.
Before joining Congress, Sherman was on staff at one of the nations’ big-four CPA firms. Sherman is a Tax Law Specialist and a CPA. While at the firm, he audited large businesses and governmental entities, provided tax law counsel on multi-million dollar transactions, advised entrepreneurs and small businesses on tax and investment issues, and helped represent the Government of the Philippines under President Aquino in a successful effort to seize assets of deposed President Marcos. Sherman was also an instructor at Harvard Law School’s International Tax Program.
Sherman received a Bachelor’s degree from the University of California, Los Angeles, where he graduated Summa Cum Laude. Sherman was also an accounting tutor during his time at UCLA. Later he received his law degree from Harvard, where he graduated Magna Cum Laude.