Senate Adopts Amendment to Transportation Bill

The Senate adopts an amendment to the surface transportation bill (S. 1813) by voice vote that would prohibit foreign financial institutions from having access to the United States financial system if they are found to be aiding tax evasion. Modifications made to the amendment (S. Amdt. 1818) by Sen. Levin made the amendment more amenable to senators of both parties by saying Treasury could stop the transactions of tax havens and financial institutions that significantly impede United States tax enforcement. The final version of the amendment also includes language noting that if a jurisdiction or financial institution is cooperating with the United States, that may be favorably considered in evaluating whether it is significantly impeding enforcement. Votes on a handful of other tax-related amendments are postponed until Tuesday.