On July 13, 2010, the House Judiciary Subcommittee on Courts and Competition Policy held a hearing to consider the impact of China’s new Antimonopoly Law (AML) on U.S. companies.
On July 22, 2010, the House Ways and Means Committee will hold a hearing on Transfer Pricing Issues. According to the Committee, the transfer pricing rules have been updated and modified many times over the last decade, yet still foster controversy. Pursuant to these concerns, the Committee requested that the Joint Committee on Taxation (JCT) study and report back on the issue of income shifting and transfer pricing. As part of background material for the hearing, the JCT will provide a summary of ongoing work, containing a discussion of the issues as well as case studies, which will be a focus of this hearing.
On July 15, 2010, House Foreign Affairs Chairman Berman issued a statement praising the inclusion of a bipartisan provision to restrict the illegal trade in “conflict minerals” in the financial reform conference report (H.R. 4173) recently passed by the House and Senate.
On July 15, 2010, the Senate Committee on Commerce, Science, and Transportation ordered favorably reported S. 3566, to authorize certain maritime programs of the Department of Transportation, with an amendment in the nature of a substitute;
On July 14, 2010, the House of Representatives passed H.J. Res. 83, a resolution to approve the renewal of the Burma import ban and jadeite/ruby sanctions.
The Senate agreed to resume consideration on July 20, 2010 of the Senate amendment of House-passed H.R. 4213, the American Jobs and Closing Tax Loopholes Act (Tax Extenders or Jobs bill). (The House-passed version of H.R. 4213 included cotton and wool fund provisions, etc.)