Schock will be one of only two Republicans charged with this effort. He was named to the position by House Ways and Means Chairman Dave Camp.

The Financial Services working group will oversee the tax treatment of the financial products traded on both the Chicago and New York exchanges, as well as the tax policy as it relates to the banking and insurance industries.

Schock says after two years and more than 20 hearings on comprehensive tax reform, these working groups have been established to design the legislative framework that will ultimately become the tax reform package. He says this is similar to the path that was taken in 1986 when tax reform was last completed. Schock says his goal will be to create a more simple tax code without hurting jobs in Illinois.

In announcing the formation of the working groups Chairman Camp praised Schock's service on the Ways and Means committee and the new role he will play in crafting tax reform legislation.