[Congressional Record Volume 158, Number 71 (Thursday, May 17, 2012)]
[Senate]
[Pages S3292-S3293]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
REMOVAL OF INJUNCTION OF SECRECY--TREATY DOCUMENT NO. 112 5, TREATY
DOCUMENT NO. 112 6, TREATY DOCUMENT NO. 112 7, AND TREATY DOCUMENT NO.
112 8
Mr. REID. Mr. President, as in executive session, I ask unanimous
consent that the injunction of secrecy be removed from the following
treaties transmitted to the Senate on May 17, 2012, by the President of
the United States:
Protocol Amending the Convention on Mutual Administrative Assistance
in Tax Matters (Treaty Document No. 112 5).
Convention on the Law Applicable to Certain Rights in Respect of
Securities Held with an Intermediary (Treaty Document No. 112 6).
Convention on the Rights of Persons with Disabilities (Treaty
Document No. 112 7).
Tax Convention with Chile (Treaty Document No. 112 8).
I further ask that the treaties be considered as having been read the
first time; that they be referred, with accompanying papers, to the
Committee on Foreign Relations and ordered to be printed; and that the
President's messages be printed in the Record.
The PRESIDING OFFICER. Without objection, it is so ordered.
The messages of the President are as follows:
To the Senate of the United States:
I transmit herewith, for the advice and consent of the Senate to its
ratification, the Protocol Amending the Convention on Mutual
Administrative Assistance in Tax Matters, done at Paris on May 27, 2010
(the ``proposed Protocol''), which was signed by the United States on
May 27, 2010. The existing Convention on Mutual Administrative
Assistance in Tax Matters, done at Strasbourg on January 25, 1988,
entered into force for the United States on January 4, 1995 (the
``existing Convention''). I also transmit, for the information of the
Senate, the report of the Department of State, which includes an
Overview of the proposed Protocol.
The proposed Protocol amends the existing Convention in order to
bring it into conformity with current international standards on
exchange of information, as reflected in the Organization for Economic
Co-operation and Development's (OECD) Model Tax Convention on Income
and Capital and the current U.S. Model Income Tax Convention.
Furthermore, it updates the existing Convention's rules regarding the
confidentiality and permitted uses of exchanged tax information, and
opens the existing Convention to adherence by countries other than OECD
and Council of Europe members. The Protocol entered into force on
January 6, 2011, following ratification by five parties to the existing
Convention.
I recommend that the Senate give early and favorable consideration to
[[Page S3293]]
the proposed Protocol and give its advice and consent to its
ratification.
Barack Obama.
The White House, May 17, 2012.
____
To the Senate of the United States:
With a view to receiving the advice and consent of the Senate to
ratification, I transmit herewith the Convention on the Law Applicable
to Certain Rights in Respect of Securities Held with an Intermediary
(the ``Convention''), done at The Hague on July 5, 2006, and signed by
the United States on that same day. The report of the Secretary of
State, which includes an Overview of the proposed Convention, is
enclosed for the information of the Senate.
The United States supported the development of the Convention, which
provides uniform rules for determining the law applicable to certain
rights in commercial transactions involving investment securities held
through intermediaries (such as brokers, banks, and other financial
institutions). The Convention incorporates modern commercial finance
methods already market-tested in the United States through the Uniform
Commercial Code. It would ensure that countries that become party to
this Convention would also apply those methods. The Convention, once in
force, would improve the functioning of investment securities markets,
reduce uncertainty in cross-border commerce, and reduce national and
cross-border systemic risk.
The Department of the Treasury, the U.S. Securities and Exchange
Commission, the Commodities Futures Trading Commission, and the New
York Federal Reserve Bank support ratification by the United States of
this Convention, as do key private sector associations. I recommend,
therefore, that the Senate give early and favorable consideration to
the Convention and give its advice and consent to its ratification.
Barack Obama.
The White House, May 17, 2012.
____
To the Senate of the United States:
I transmit herewith, for advice and consent of the Senate to its
ratification, the Convention on the Rights of Persons with
Disabilities, adopted by the United Nations General Assembly on
December 13, 2006, and signed by the United States of America on June
30, 2009 (the ``Convention''). I also transmit, for the information of
the Senate, the report of the Secretary of State with respect to the
Convention.
Anchored in the principles of equality of opportunity,
nondiscrimination, respect for dignity and individual autonomy, and
inclusion of persons with disabilities, the Convention seeks to
promote, protect, and ensure the full and equal enjoyment of all human
rights by persons with disabilities. While Americans with disabilities
already enjoy these rights at home, U.S. citizens and other individuals
with disabilities frequently face barriers when they travel, work,
serve, study, and reside in other countries. The rights of Americans
with disabilities should not end at our Nation's shores. Ratification
of the Disabilities Convention by the United States would position the
United States to occupy the global leadership role to which our
domestic record already attests. We would thus seek to use the
Convention as a tool through which to enhance the rights of Americans
with disabilities, including our veterans. Becoming a State Party to
the Convention and mobilizing greater international compliance could
also level the playing field for American businesses, who already must
comply with U.S. disability laws, as well as those whose products and
services might find new markets in countries whose disability standards
move closer to those of the United States.
Protection of the rights of persons with disabilities has
historically been grounded in bipartisan support in the United States,
and the principles anchoring the Convention find clear expression in
our own domestic law. As described more fully in the accompanying
report, the strong guarantees of nondiscrimination and equality of
access and opportunity for persons with disabilities in existing U.S.
law are consistent with and sufficient to implement the requirements of
the Convention as it would be ratified by the United States.
I recommend that the Senate give prompt and favorable consideration
to this Convention and give its advice and consent to its ratification,
subject to the reservations, understandings, and declaration set forth
in the accompanying report.
Barack Obama.
The White House, May 17, 2012.
____
To the Senate of the United States:
I transmit herewith, for the advice and consent of the Senate to
their ratification, the Convention between the Government of the United
States of America and the Government of the Republic of Chile for the
Avoidance of Double Taxation and the Prevention of Fiscal Evasion with
Respect to Taxes on Income and Capital, signed in Washington on
February 4, 2010, with a Protocol signed the same day, as corrected by
exchanges of notes effected February 25, 2011, and February 10 and 21,
2012, and a related agreement effected by exchange of notes (the
``related Agreement'') on February 4, 2010. I also transmit for the
information of the Senate the report of the Department of State, which
includes an Overview of the proposed Convention, the Protocol, and
related Agreement.
The proposed Convention, Protocol, and related Agreement (together
``proposed Treaty'') would be the first bilateral income tax treaty
between the United States and Chile. The proposed Treaty contains
comprehensive provisions designed to address ``treaty shopping,'' which
is the inappropriate use of a tax treaty by residents of a third
country, and provides for a robust exchange of information between the
tax authorities in the two countries to facilitate the administration
of each country's tax laws.
I recommend that the Senate give early and favorable consideration to
the proposed Treaty and give its advice and consent to the ratification
thereof.
Barack Obama.
The White House, May 17, 2012.
____________________