The Institute of International Bankers (IIB) issued a statement endorsing the decision by Senate Finance Committee Chairman Mike Crapo and House Ways and Means Committee Chairman Jason Smith to remove Section 899 from the One Big Beautiful Bill Act. The IIB also pointed to negotiations led by Secretary Bessent to identify an alternative solution with the G7. Citing its recent economic impact analysis, the IIB said U.S. operations of international banks underwrite more than 70% of debt issuance for foreign companies issuing in the U.S., representing almost a third of all USD-denominated debt issuance, and supporting USD 5.4 trillion in foreign direct investment by foreign-headquartered multinational corporations that generate USD 270 billion in income and employ nearly eight million U.S. residents. It added that these firms lent more than USD 1.3 trillion to U.S. companies in 2023, including over USD 100 billion each to the technology and manufacturing sectors, and underwrote more than USD 11 trillion in U.S. financing over the last four years, representing more than 40% of the USD 28 trillion raised since 2020.
Institute of International Bankers 2025-06-27
Institute of International Bankers welcomes planned removal of Section 899 from the One Big Beautiful Bill Act
The Institute of International Bankers endorsed the removal of Section 899 from the One Big Beautiful Bill Act by Senate Finance Committee Chairman Mike Crapo and House Ways and Means Committee Chairman Jason Smith, while highlighting ongoing G7 negotiations led by Secretary Bessent for an alternative solution. The IIB emphasized the significant role of international banks in U.S. debt issuance and foreign direct investment, noting their contributions to the U.S. economy, including lending USD 1.3 trillion to U.S. companies in 2023.