U.S. Senator Says OECD BEPS Action Items Require Congressional Approval in order to be Implemented

In a speech given on the U.S. Senate floor on 16 July 2015, Finance Committee Chairman Orrin Hatch R-UT urged the Obama Administration to work with Congress to ensure that proposals considered under the OECD BEPS Project do not have a negative impact on U.S. companies and the economy.

The senator expressed misgivings, saying, "As we all know, only Congress can make changes to U.S. tax law. Yet, no representatives from Congress have been offered a seat at the table in any of the BEPS negotiat…