New rules by the Treasury Department to limit tax inversions drew criticism Wednesday.
"It's Congress' job to determine when and if inversions should take place," Nicholas Fortuna, founder and managing partner at Allyn & Fortuna said Wednesday on CNBC's "Closing Bell." "What the Treasury Department is doing at this point is just blocking these inversions without considering the overall economics of the deal," he noted, adding that is a "crude" and "hard approach" to deals.
Fortuna is one of many who are slamming the agency's quest to control tax inversion laws. Pharmaceutical companies Pfizer and Allergan called off a $160 billion merger on Wednesday after the Treasury unveiled new rules Monday that challenged the deal.
Allergan's CEO joined CNBC on Wednesday and said that it appears that the U.S. government targeted the merger.
"We built this deal around the law, the regulations, all the notices that were put out by the Treasury," Brent Saunders said on "Squawk on the Street," noting that last-minute changes to regulations are "un-American."