The Permanent Subcommittee on Investigations held a hearing, Compliance with Tax Limits On Mutual Fund Commodity Speculation, on Thursday, January 26, 2012, examining the issuance of over 70 private letter rulings by the Internal Revenue Service allowing mutual funds to make unlimited indirect investments in commodities through controlled foreign subsidiaries or commodity-linked notes, despite longstanding statutory restrictions on mutual fund investments in commodities. Hearing witnesses included IRS Commissioner Douglas Shulman and Treasury Acting Assistant Secretary for Tax Policy Emily McMahon.
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Senator Carl Levin, Chairman of the Permanent Subcommittee, released the Subcommittee Majority Staff Report, "Repatriating Offshore Funds" (October 2011). [PDF]