[Weekly Compilation of Presidential Documents Volume 40, Number 10 (Monday, March 8, 2004)]
[Page 310]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Statement Calling for Congressional Action on Foreign Sales 
Corporations/Extraterritorial Income Legislation

March 1, 2004

    I urge Congress to take up and pass FSC/ETI legislation that reforms 
the Tax Code, removes the underlying reason for the tariffs that have 
been imposed today on American exports, and further advances the 
competitiveness of American manufacturers and job creators. Over the 
past 3 years, my administration has worked with Congress to further 
increase the ability of American companies to succeed in the worldwide 
economy, laying the foundation for increased growth and job creation. If 
we don't act to replace the current FSC/ETI provisions in the Tax Code, 
the tariffs that have been imposed today will, over the next year, 
impose an increasing burden on American exporters, their workers, and 
the overall economy. To support the continued strengthening of our 
economy and to create more jobs, the Congress should act now to end the 
threat of these tariffs and promote the competitiveness of American 
manufacturers and other job-creating sectors of the U.S. economy.