Congressman Tom Price (R-GA) has introduced a bill that would make it more difficult for foreign governments to collect taxes on securities transactions occurring on U.S. exchanges. The bill would also specifically protect securities transactions in the U.S. from enforcement of any excise taxes imposed by France. Congressman Price introduced the bill in reaction to a recently enacted French tax on securities transactions involving large French companies. The tax applies not only to direct purchases and sales of stock, but also to indirect transactions such as American Depository Receipts (ADRs). ADRs are U.S. exchange-traded certificates representing foreign shares and are often used by mutual funds to gain exposure to foreign stock markets. The transaction tax has already gone into effect, but the tax on ADRs has been delayed by five months.