Not sure how this source and these articles have evaded detection for so long, but they deserve wider exposure:
The newest, FATCA Violates Rights of American Citizens Overseas, is a hard-hitting commentary by Carrie Lowery, who is described thusly:
Carrie A. Lowery, Esq., has worked as a legal professional for over a decade. She recently founded Authority Legal Research & Writing Service, which provides legal research and writing support to practicing attorneys.
I was particularly struck by her close attention to the violation of treaty powers represented by Intergovernmental Agreements:
FATCA requires foreign financial institutions to report the financial holdings of their U.S. clients to the IRS or will be charged a 30% withholding tax on payments from US Banks.
The Treasury Department has been unable to cite any constitutional, statutory, or regulatory authority which allows it to compel foreign institutions to collect and share the financial information of U.S. citizens. As a result of foreign privacy laws which prohibit direct disclosure to the IRS, the Treasury Department has entered into numerous bilateral Intergovernmental Agreements (IGAs) with foreign agencies and governments. There is no reference to or authority provided for IGAs in the statute itself. When asked for a basis of authority for its action, the Treasury Department points to existing tax treaties with foreign governments. Unfortunately, there is one fundamental difference between existing tax treaties and the IGAs: lack of Senate authorization, in violation of the treaty power.
The other two above-mentioned articles are less recent, but no less compelling, even though they do belie the incomplete perspectives of the compliance-industry. Nevertheless, some good solid reading here.