Michael Mundaca, acting assistant Treasury secretary for tax policy and President Barack Obama's nominee for the post, urged lawmakers to extend the Build America Bonds program. Mundaca told the Senate Finance Committee that the program is "too successful to simply allow it to expire." The program is set to expire at the end of next year. "It's opened up markets to states and localities to place their bonds beyond where other state and local bonds could be placed," Mundaca said. "We need to seriously consider whether and how to extend it."