The Permanent Subcommittee on Investigations held a hearing, “Offshore Profit Shifting and the U.S. Tax Code” on Thursday, September 20, 2012. The Subcommittee hearing examined the shifting of profits offshore by U.S. multinational corporations and how such activities are affected by the Internal Revenue Code and related regulations. Witnesses included
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The Permanent Subcommittee on Investigations held a hearing, Social Security Disability Programs: Improving the Quality of Benefit Award Decisions," on September 13, 2012. The Subcommittee examined issues related to the quality of disability benefit awards involving 300 case files of claimants under the Social Security Disability Insurance (SSDI) and Supplement Security Income (SSI) programs involving initial applications and subsequent levels of appeal. In conjunction with this hearing, the Subcommittee's Minority Staff issued a REPORT. [PDF]
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The Permanent Subcommittee on Investigations held a hearing, Compliance with Tax Limits On Mutual Fund Commodity Speculation, on Thursday, January 26, 2012, examining the issuance of over 70 private letter rulings by the Internal Revenue Service allowing mutual funds to make unlimited indirect investments in commodities through controlled foreign subsidiaries or commodity-linked notes, despite longstanding statutory restrictions on mutual fund investments in commodities.
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Senator Carl Levin, Chairman of the Permanent Subcommittee, released the Subcommittee Majority Staff Report, "Repatriating Offshore Funds" (October 2011). [PDF]
The Permanent Subcommittee on Investigations held a hearing, "U.S. Vulnerabilities to Money Laundering, Drugs, and Terrorist Financing: HSBC Case History," on Tuesday, July 17, 2012. At the hearing a SUBCOMMITTEE STAFF REPORT was released. [PDF]
The Subcommittee hearing examined the issue of money laundering and terrorist financing vulnerabilities created when a global bank uses its U.S. affiliate to provide U.S. dollars, U.S. dollar services, and access to the U.S. financial system to high risk affiliates, high risk correspondent banks, and high risk clients, using HSBC as a case study.
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