I am pleased to yield 3 minutes to the gentlewoman from Wyoming (Mrs. Lummis).
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The administration's response to the wave of inversions has, in my opinion, been short-sighted, focusing only on the symptoms rather than the underlying illness.
There are concerns about taxpayer confidentiality in the Master File reports.
I do not think it is necessarily going to drive U.S. researchers, and the ownership of IP, out of the U.S. overnight.
I think this is really new stuff and pretty ominous.
If you shudder, colleagues, at these tax-avoidance schemes; if you really get angry about matters like the double Irish with a Dutch sandwich; if you want to crack down on it, you have to be for comprehensive tax reform.
I just hope that we can figure out a way, on a bipartisan basis, to fix this.
Inversions like these are some of the clearest examples of base erosion and are largely motivated by tax considerations.
I thank you again for the opportunity to be here today, and I would be happy to answer any questions you may have.