Resolution of advice and consent, Treaty Doc. 100-21

TEXT OF RESOLUTION OF ADVICE AND CONSENT TO RATIFICATION AS REPORTED BY THE COMMITTEE ON FOREIGN RELATIONS: Resolved (two-thirds of the Senators present concurring therein), That the Senate advise and consent to the ratification of the Protocol of June 16, 1988, together with a related Exchange of Notes, to the Convention between the United States of America and the French Republic with respect to Taxes on Income and Property of July 28, 1967, as amended by the Protocols of October 12, 1970, November 24, 1978, and January 17, 1984 (Treaty Doc. 100-21), subject to the following understanding: That the Treasury Department will effect the negotiation of a new Protocol in an expeditious manner with the objective of modifying the dividend rates specified in paragraph 2 of Article 9 (Dividends) to deny inappropriate relief from taxation at source on dividends paid by Regulated Investment Companies, Real Estate Investment Trusts, and any other U. S. corporations that essentially receive conduit treatment for U. S. income tax purposes.