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But there is a third major loophole, one that Bell overlooked in his original analysis.
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The second major loophole is the exclusion of foreign currency swaps, which would create a strong incentive for U.S. businesses to go offshore and avoid regulatory supervision.
Airbnb opponents consider this a major loophole, saying it encourages owner-landlords to convert their second unit to a short-term rental.
That qualifier amounts to a major loophole, given the media-watching habits of children.
But the ruling included a major loophole; it applied only to panels made from Chinese solar cells, the final major components that are assembled into finished modules.
Senator Kennedy told Mr. Allen that the change proposed by President Bush would create "a major loophole".
And that's the third major theme.
He has, however, categorically ruled out any move to close the major loophole that benefits the rich, namely the ultra-low tax rates on income from capital.
Crucially, since the new policy does not delineate what it means for states to be "in compliance" with the nonproliferation treaty, the United States has a major loophole.
The major loophole arises from the interdependence between cross-border trading and national imbalance energy pricing.
However, it left a major loophole in the bill — an allowance for biodegradable plastics.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com