Washington (August 7, 2002) -- Stanley Works has won the approval of Senators Max Baucus and Chuck Grassley, chairman and ranking member of the Senate Finance Committee, by deciding to remain in the United States.

"We applaud Stanley Works for their decision to remain in the United States." the Senators said. "Congress needs to pass the Grassley-Baucus REPO Act. Without it, other corporations will not follow Stanley's wise decision."

The Senators warned that companies that are considering moving their headquarters to tax havens proceed at their own risk. Both the Senate and House have passed measures to block awarding government contracts to companies that flee to tax havens.

"Our REPO Act will be the next legislation in this area and we look forward to swift action in the Senate when we return in September. We are also pleased that the Administration supports stopping corporate expatriations, and we welcome their support," they said.

-- Electronic Accountant Newswire staff

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