In a speech at a Tax Policy Center event hosted by the Urban Institute in Washington, DC earlier today, US Secretary of the Treasury Jacob Lew discussed business tax policy, urging lawmakers to pass a retroactive ban on inversions.  Secretary Lew’s remarks echoed those that he made in a letter sent to Congress in July of this year.  Secretary Lew stated that given the possibility that Congress may not move as quickly as necessary to address the growing number of inversions, “the Treasury Department is completing an evaluation of what we can do to make these deals less economically appealing, and we plan to make a decision in the very near future.”  He noted that while any action taken by the Treasury Department will have a “strong legal and policy basis,” such action would not be a substitute for meaningful legislation, stating that “[o]nly a change in the law can shut the door, and only tax reform can solve the problems in our tax code that leads [sic] to inversions.”

Secretary Lew’s remarks can be accessed here