Prohibits the Secretary of the Treasury from assisting any foreign government with respect to the collection of any excise tax, related penalty, or related foreign judgment on securities transactions occurring on a U.S. exchange or over the counter within the United States, regardless of the nationality of the issuer of such security, the residence of any party to the transaction, or any existing tax treaty provision to the contrary (including Article 28 of the United States Tax Treaty With France).
Directs the Secretary, pursuant to Article 29 of such Treaty, to exempt transactions occuring in the United States which are: (1) on a U.S. stock exchange, (2) between U.S. individuals, or (3) with U.S. financial services firms or branches of foreign firms operating in the United States.