Wyden Responds to Reports of Companies Shutting Down Offshore Reinsurance Operations

The following press release was published by the United States Senate Committee on Finance Chairman's News on Jan. 20, 2016. It is reproduced in full below.

WASHINGTON - Senate Finance Committee Chairman Ron Wyden, D-Ore., today issued the following statement:

"Sophisticated business tax avoidance strategies hurt our country. Our efforts to close this loophole are paying off."

Senator Wyden took numerous steps last year to shut down this tax loophole by calling upon the administration for action and introducing The Offshore Reinsurance Tax Fairness Act.

Source: US Senate Committee on Finance Chairman's News