Washington (May 13, 2002) -- Shareholders of tool maker Stanley Works approved relocating the company's legal residence to Bermuda, a move that angers Sen. Chuck Grassley, ranking member of the Committee on Finance.

Grassley is the co-sponsor with committee chairman Sen. Max Baucus of legislation to rein in so-called corporate expatriation. The senators introduced the Reversing the Expatriation of Profits Offshore (REPO) Act (S. 2119) on April 11.

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