At a press conference yesterday following a meeting of the Group of 20 (G-20) finance ministers and central bankers in Cairns, Australia, US Treasury Secretary Jacob J. Lew stated that action should be taken to address inversions “immediately.”  Secretary Lew noted that while cross-border mergers done for economic purposes strengthen the US economy, inversions are instead often done for tax purposes.  According to Secretary Lew, Treasury is completing its work on administrative action to limit the economic benefits of inversions. Secretary Lew stated that while overarching business tax reform would be the best way to address inversions, “Congress should pass anti-inversion legislation as soon as possible,” and that “administrative action cannot shut the door [on inversions] completely.”

The text of Secretary Lew’s remarks can be found here