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Duke Energy Strongly Supports Hagan/McCain "Foreign Earnings Reinvestment Act" to Bring Corporate Overseas Profits Home to Create Jobs in America Oct. 6, 2011

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CHARLOTTE, N.C. -

The following statement was issued today by Duke Energy Chairman, President and CEO Jim Rogers.

"At a time when our country’s economy needs a shot in the arm and our federal government can no longer afford stimulus funds, American businesses stand ready to step up and inject $1 trillion trapped overseas by punitive federal tax law.

"Duke Energy alone has $1.2 billion held hostage overseas by our tax system that penalizes U.S. businesses that want to bring their foreign earnings to America to create jobs. By passing the Foreign Earnings Reinvestment Act, we can bring that money home to create jobs and support and accelerate our capital program investments in smart grid technology, retire and replace older coal plants, and build natural gas and renewable generation.

"History strongly supports this approach. Congress enacted a similar measure in 2004 and it had an overwhelmingly positive impact. This included reinvesting more than $300 billion into the American economy, creating jobs, financing new plants and R & D projects, increasing federal revenues, increasing GDP, and lowering the unemployment rate.

"Our economic recovery has floundered in recent months and we must act now to change our broken tax laws that are preventing one of our greatest resources -- American enterprise and profits -- from providing the economic stimulus our economy so badly needs."

To learn more about the bill, go to: http://hagan.senate.gov/?p=press_release&id=1465

Headquartered in Charlotte, N.C., Duke Energy is a Fortune 500 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available on the Internet at: http://www.duke-energy.com/.


Contact: Duke Energy - Tom Williams Progress Energy - Mike Hughes
Phone: 980-373-4743
24-Hour Phone: 800-559-3853
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