US Senate Approves Legislation To Deny Corporate Expats Federal Contracts

24 January 2003 The Wall Street Journal reported on Wednesday that the US Senate has passed a piece of legislation designed to: 'ban the Homeland Security Department from contracting with an inverted corporation or its domestic subsidiaries unless the President certifies that the contract was necessary for national security.'

This provision is designed to amend previous legislation, which broadly exempted all domestic subsidiaries of newly inverted parent companies from the ban, but unlike other proposed measures, will only apply after the bill's date of enactment.

The provision adopted by the Senate on Wednesday forms part of a $385 billion omnibus spending bill.

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