Reviewing the Unintended Consequences of the Foreign Account Tax Compliance Act

Subcommittee on Government Operations
Subcommittee on Government Operations
Hearing Date: April 26, 2017 2:00 pm 2154 RHOB

PURPOSE:

  • To examine the effects of the Foreign Account Tax Compliance Act (FATCA) on the U.S. and international economy, as well as potential legislative remedies.

BACKGROUND:

  • Signed into law in 2010, FATCA requires non-U.S. financial institutions to report assets and identities of U.S. citizens with non-U.S. financial accounts to the Internal Revenue Service.
  • As a result, many foreign banks have stopped serving U.S. citizens, and record numbers of Americans have renounced their citizenship.
  • Senator Rand Paul (R-KY) and five expatriates filed a lawsuit claiming FATCA constitutes an unconstitutional breach of privacy, as well as an illegal treaty

Witnesses and testimonies

Name Title Organization Panel Document
The Honorable Rand Paul U.S. Senator State of Kentucky
Mr. James Bopp, Jr. Attorney The Bopp Law Firm, PC
Mr. Mark Crawford Director AKSIONER International Security Brokerage
Mr. Daniel Kuettel Former U.S. citizen living in Switzerland who renounced his U.S. citizenship due to FATCA
Ms. Elise Bean Washington Co-Director Levin Center at Wayne Law Wayne State University