Repatriating the "hundreds of billions of dollars" of cash kept offshore by companies should be one of the top priorities for Donald Trump's administration, the chief executive of the Nasdaq said Wednesday.
U.S. companies excluding those in the financial sector had over $1.2 trillion stashed overseas at the end of 2015, according to ratings agency Moody's. Many technology companies have large cash piles overseas. For example, Apple has over $200 billion abroad.
Trump has proposed cutting the tax rate for companies bringing back cash to the U.S. to 10 percent from around 35 percent currently. The idea is that this will encourage corporations to repatriate cash that can then be used for domestic investment.