Congress should close the capital-gains loophole that rewards foreign money for funding suits against American companies.
Last month, at a House Financial Services Committee hearing on international finance, Treasury Secretary Scott Bessent made a striking criticism. Asked about third-party litigation funding, in which outside investors, many of them foreign, bankroll lawsuits against American companies for a share of the proceeds, Bessent called it a "malignancy within our legal and financial system."
That language deserves serious attention. Nobody asked Bessent to call it a malignancy. He chose the word. A Treasury secretary with a crowded agenda doesn't reach for it unless the problem runs deep.
Representative Mike Flood (R., Neb.) laid out why, saying that he was concerned about ...
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