chapter  B
The 1976 Hearing on Foreign Portfolio Investments in the United States
WithGiuseppe Ammendola
Pages 15

The Netherlands Antilles government attached to its testimony excerpts from the March 1, 1976 Hearing on Foreign Portfolio Investment in the United Sates before the Subcommittee on International Finance and Resources of the Committee on Finance of the Senate. The witness at the 1976 hearing was Charles M. Walker, Assistant Secretary of the Treasury for Tax Policy. Robert Roosa argued that the Germans' strategy worked and that the United States, by following the opposite course of action through the repealing of the withholding tax, would obtain an increase in foreign capital flows into the U. S. Roosa considered the repeal of the withholding tax as strengthening the United States' role in the international financial markets. Roosa intervened in the exchange between Mr. Townsend Walker and Senator Byrd because he felt that it was very important to show that the repeal was consistent with the overall tax policy pursued across time by the United States government.