Banks exempted in final version of anti-inversion rules

By Joseph Lawler

Published October 13, 2016 9:00pm ET

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Banks exempted in final version of anti-inversion rules — Treasury Secretary Jack Lew said the administrative action was justified to "protect the tax base" from the erosion of companies shifting profits offshore. (AP Photo/Jose Luis Magana) | Jose Luis Magana

Banks are among the winners in the final version of long-anticipated new rules announced by the Treasury Department Thursday meant to prevent businesses from shifting profits out of the U.S. and crack down on corporate inversions.

The administration finalized the rules, proposed in April, amid intense pushback from businesses and members of Congress, and just ahead of the timeline required to have them go into effect before President Obama leaves office.

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Corporate Inversion Jack Lew Joseph Lawler Minusextra Taxes Treasury Department