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Offshore abuses are a real problem".
The Panama Papers offer an opportunity to make real progress in ending offshore abuses.
The Senate subcommittee that prepared the report, led by its chairman, Carl Levin, Democrat of Michigan, has held extensive inquiries into tax and offshore abuses.
Cable was responding to a worldwide investigation into offshore abuses by the Guardian, the BBC's Panorama programme and the US-based non-profit group, the International Consortium of Investigative Journalism.
Mr. Conrad, who is chairman of the Senate Budget Committee, said that by cracking down on offshore abuses, Congress and the Obama administration could make a substantial reduction in the deficit without resorting to either tax increases or severe cuts to programs like Medicare or Social Security.
Gathering suport for the project is good news for David Cameron, who is preparing to host an anti-corruption summit in London next month — an event that is likely to be dominated by discussions about how the world should respond to offshore abuses laid bare by the Panama Papers leak.
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The subcommittee is considering legislation aimed at curbing offshore tax abuses.
The decision is a relief for eBay; in similar cases in Europe recently courts have sided with luxury-goods companies.A report from a congressional subcommittee estimated that the United States Treasury loses $100 billion a year in offshore tax abuses.
Senator Carl Levin, the Michigan Democrat who is the chairman of a subcommittee that has investigated tax arrangements at several major companies, including Apple, said that there was "growing global demand for reining in corporate offshore tax abuses" and that he hoped the United States would act on the proposals.
Offshore tax abuse goes beyond individuals.
Ten times the significance of offshore tax abuse.
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