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Aug 1, 2013 3:33 PM by Eric Ross

Obama picks restructuring expert to take over IRS

WASHINGTON (AP) - President Barack Obama is nominating a retired corporate restructuring expert to take over the Internal Revenue Service, which is under fire for its screening of political groups.

In a statement obtained by The Associated Press, Obama says John Koskinen "knows how to lead in difficult times." The president said he is confident Koskinen will restore public trust as the tax agency's commissioner.

Koskinen was brought in to overhaul mortgage buyer Freddie Mac after its near collapse in the financial crisis, among handling many other public and private reorganizations.

Obama ousted acting IRS Commissioner Steven Miller in May after revelations that the agency improperly targeted political groups when they filed for tax-exempt status.

Koskinen's nomination to a five-year term must be confirmed by the Senate.

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