Caterpillar's Chief Financial Officer on Capitol Hill

By WEEK Reporter

August 11, 2011 Updated Aug 11, 2011 at 1:14 PM CDT

Caterpillar's chief financial officer is on Capitol Hill to appear before the House Ways and Means committee. Its members, which include Peoria Republican Aaron Schock, invited Ed Rapp to speak about international tax reform from the perspective of a global company.

Rapp is talking about possible changes to the rules that might improve the ability of American companies like Cat to compete and create jobs.

The concern is that the tax laws that made sense when the US accounted for half of the world's gross domestic product might no longer make sense in today's increasingly competitive and global economy.

Washington is working to boost exports as a way to grow the economy without relying on American consumers, who are already stretched thin.