WASHINGTON, Feb. 9 -- Sen. Dick Durbin issued the following press release:
Today, U.S. Senate Democratic Whip Dick Durbin (D-IL), U.S. Senator Jack Reed (D-RI), and U.S. Representative Rosa DeLauro (D-CT-03) today reintroduced the bicameral American Business for American Companies Act, legislation that would extend the year-to-year government wide ban on federal contracts for inverted corporations by moving it out of the annual appropriations process and into permanent law.
Corporate inversions allow U.S. companies to shift their corporate citizenship from the United Sates to a low-tax foreign jurisdiction while keeping their executive and headquarters in the United States. This is accomplished by merging with a foreign company that can b...