US companies are bracing themselves for a complete overhaul of the corporate tax system. At his confirmation hearing on Monday, new Treasury secretary Timothy Geithner told the Senate Finance Committee: 'The president believes we have substantial opportunities for reform of the entire corporate tax system.' He was replying to a question by Utah Senator Orrin Hatch, who noted that the US corporate income tax rate is the 'highest in the world' and 'hinders competitiveness'. Marie Hollein, president and CEO of North American FD group, Financial Executives International, said that the nation is focused on Obama's anticipated first 100 days in office, as companies continue to announce unprecedented layoffs. Geithner added that while 'we have to look at the entire framework of the tax codethe president is committed to making the research and development tax credit permanent'.