Shulman currently serves as Vice Chairman of the Financial Industry Regulatory Authority, previously known as the National Association of Securities Dealers.

Welcoming the nomination, Treasury Secretary Henry Paulson stated that he was "extremely pleased", describing Shulman as a "highly capable executive".

"His experience as Senior Policy Advisor and Chief of Staff on the National Commission on Restructuring the IRS provides him with fundamental knowledge of the IRS and its critical responsibility of administering the tax code," Paulson observed in a statement.

"Doug is an excellent choice to lead the IRS. His energy, creativity, strong management skills, and technology experience will ensure that the IRS fully serves its mission to provide America's taxpayers top quality service by helping them understand and meet their tax responsibilities and by applying the tax law with integrity and fairness," he added.

Earlier in his career, Shulman served as Vice President of Darby Overseas Investments. Prior to this he served as Senior Policy Advisor and later Chief of Staff of the bi-partisan commission on restructuring the Internal Revenue Service.

The IRS has not had a permanent Commissioner since Mark Everson left to lead the American Red Cross in May.