[Congressional Record (Bound Edition), Volume 158 (2012), Part 5]
[Senate]
[Pages 7067-7069]
[From the U.S. 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).

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  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 
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.

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