Senate Finance Chairman Max Baucus has announced that he will not seek re-election at the end of his term in 2014. Baucus has served as the top Democrat on Finance since 2001 and Chairman since 2007. Sen. Ron Wyden (D-OR) would be the most senior Democrat on Finance since Sen. John Rockefeller IV has also announced that he is retiring. Baucus has said that comprehensive tax reform is his top priority during 2013 and 2014.

In a statement today, Baucus said, “I have decided not to seek reelection in 2014. I will serve out my term, and then it will be time to go home to Montana. But, I’m not turning out to pasture because there is important work left to do, and I intend to spend the year and a half getting it done. Our country and our state face enormous challenges – rising debt, a dysfunctional tax code, threats to our outdoor heritage, and the need for more good-paying jobs.”

House Ways and Means Committee Chairman Dave Camp said, “Max is a true legislator and friend for whom I have great respect, and I look forward to continuing our work to fix the tax code and protect and preserve our entitlement programs for current and future beneficiaries. Max has made clear that his commitment to comprehensive tax reform that lowers rates and makes the code simpler and fairer for our families and job creators remains a top priority. I couldn’t agree more, and I share his vision for enacting real tax reform this Congress.”