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FX reduced the earnings of 29 percent of large North American multinationals in the fourth quarter, with average impact of 4 cents per share.
The U.S. will pursue talks with Mexico and Canada, the White House says.
Temporary cuts might discourage investment of offshore profit.
Proposal cites the increasing number of state and city regulations.
Democrats want to make the fight a referendum on Glass-Steagall.
Administration's plan calls for shift to a territorial system for companies.
