Senate Finance Committee Chairman Orrin Hatch said Tuesday the committee will work to shift pension fiduciary rule making from the Labor Department to the Treasury Department.

Legislation the Utah Republican will offer would require Treasury to consult with the Securities and Exchange Commission in developing guidelines.

It is an idea that Hatch has proposed in the past, but now with his leadership of the committee and Republican control of both houses of Congress, he has the power and the ability to move forward on the plan.

The fiduciary proposal will be part of the senator’s reintroduction of the Securities Annuities for Employee (SAFE) Retirement Act, which also would establish “Starter 401(k)” plans that make it easier for small employers to offer retirement savings vehicles to workers.

In addition the SAFE Act would make it easier for small employers to join together for their retirement-plan offerings, allowing greater investment returns and lower administrative overhead. The Finance Committee chairman said pension reform will be one of his priorities.

More broadly, Hatch said bipartisan tax reform is doable in this session of Congress. The senator said he wants a comprehensive tax update package rather than a piecemeal approach.

In a speech at the U.S. Chamber of Commerce, Hatch said growth in Medicare, Medicaid and Social Security spending is unsustainable.

But in the same breath he said “(I am) not going to destroy Social Security.”

He added he wants to work with Democrats to make changes in the program, but claimed they do not want to have a discussion about this cornerstone of the government’s contribution to retirement security The senator also criticized the Social Security Administration as too secretive.

Hatch’s remarks came hours before President Obama will be delivering his annual State of the Union address to Congress.

He said capital gains and other tax increases Obama will reportedly propose would be damaging to the country.