We finally have the draft agenda of the European Parliament’s Economic and Monetary Affairs Committee public hearing on FATCA next Tuesday.
Unfortunately, all of the scheduled speakers will almost certain defend FATCA as if their lives depended on it. My sense is there is a real political problem in Europe as more become aware of the IGA terms however, many others with all of Europe’s economic and deficit problems are strongly in favor of cracking down on tax “evasion.” I do know for a fact the reason this hearing is being called is do the protestations of anti FATCA MEPs such as Sophia In’t Veld however the net effect seems to be to have a hearing that at this point is completely dominated by pro FATCA voices. I do expect some tough questions from the likse of Ms In’t Veld that I suspect will cause some real discomfort for the currently scheduled speakers. However, I expect plenty of softballs from the FATCA sympathizers on the committee. I also expect the IRS/Treasury rep to lie through his death and essentially pray on the lack of knowledge many European politicians have of the US system of government.
One problem and issue is the only organized groups against FATCA other than purely domestic US groups like Center for Freedom and Prosperity are those such as AARO, FAWCO, ACA etc that are volunteer based and relatively small. For whatever its worth I have strongly encouraged my contacts at those orgs to make a formal petition for participation(The current schedule is only a “draft”). I have not heard a response back at this point.