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Many Senators Have Stakes in Large Companies: Firms Would Benefit Under Tax Bill

Date: June 15, 2004
Author: Helen Dewar
QUOTE: As Congress prepared for action on its biggest tax bill of this year, many senators had a personal as well as political stake in the domestic manufacturing companies that have emerged as key beneficiaries...

ABSTRACT: The Senate passed a bill that would provide $170 billion in corporate tax cuts for domestic manufacturers (to replace export subsidies the World Trade Organization ruled were illegal). Many Senators hold stock worth tens of thousands of dollars in companies that would benefit from the corporate relief measure. Though such investments are generally in large blue chip companies that investors in general are equally likely to own, some critics argue that this ownership still represents, though relatively mildly, a conflict of interest.

--- J. Arcilla

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