Chuck Grassley: “I hope the Senator from Pennsylvania will withdraw his amendment. I have had a lot of discussion with him tonight on it.…”

“I hope the Senator from Pennsylvania will withdraw his amendment. I have had a lot of discussion with him tonight on it. He makes a very strong case about something which I have not studied, nor am I convinced he is wrong. But based upon how I approach bankruptcy--that is, I see bankruptcy as an impartial person, a judge making a decision on whether a business ought to continue or go out of business or how it ought to be restructured--we are talking about tax legislation that has been on the books for an awfully long time. But we are also aware, as the Senator has told me, of crafty people giving advice to corporations on how they can maybe restructure and become strong and avoid taxation such that other corporate entities that are competitors maybe would have a disadvantage. But I am not convinced of it. I would probably have to fight the amendment if it were offered tonight. I can promise the Senator, first of all, we will go into depth on this matter with Treasury, with my own Finance Committee staff, and with the Joint Committee on Taxation staff, and it probably will lead to a hearing.”