The Clearing House Association submitted a letter to the House Ways and Means Tax Reform Working Group on Financial Services, which (i) supports a significant reduction in the corporate tax rate, (ii) urges the Committee to reject proposals that would deny interest deductions on an across-the-board basis and by focusing any potential limitation on net interest expense, (iii) supports international tax reform efforts toward a territorial-type system that generally exempts active foreign-source income while recognizing that rules will be required to address potential “base erosion,” (iv) supports the proposed simplification of the tax treatment of financial instruments but notes that the derivatives mark-to-market provision requires careful consideration to avoid unintended consequences, and (v) suggests a system that is more neutral with respect to investment decisions by avoiding “winners and losers” and does not impose sector-specific taxes that penalize particular industries.