Swiss Committee Recommends Rejection of U.S. Tax Bill

Swiss parliament’s full upper house will tomorrow debate a bill allowing banks to cooperate with the U.S. on untaxed assets, after committee members recommended its rejection.

Lawmakers in the upper house’s economics committee early this morning voted by 7 to 6 encouraging the plenary to reject the bill, the parliamentary services office said. The recommendation, which came after hours of discussion behind closed doors and included contributions from Swiss National Bank President Thomas Jordan and bank representatives, isn’t binding.