Treasury Secretary Scott Bessent asked congressional leadership to remove a provision from the Republican tax legislation that would give the Treasury Department the ability to implement a so-called “revenge tax” on certain foreign investors.

Congressional Republicans have agreed to remove the so-called revenge tax provision from President Donald Trump’s big bill.

The Treasury has asked Congress to scrap a provision in Donald Trump’s flagship budget bill that allows the US government to raise taxes on foreign investments from select countries, reversing a plan that Wall Street warned could roil markets.