In the latest effort to urge Treasury to revise proposed debt-equity regulations, Republicans from the U.S. House of Representatives and the Senate sent two letters to Treasury Secretary Jacob Lew on 22 August 2016. The proposed regulations (REG-108060-15) are under Internal Revenue Code section 385, and are mainly intended to counter corporate inversions and earnings stripping by allowing the IRS to recharacterize certain related-party interests as equity or part debt / part equity.