Stop ‘Backdoor’ Authority for FATCA and OECD Reciprocity!
This is a RepealFATCA.com Alert! Contact your Representative NOW and tell him or her that the House of Representatives must —
- NOT accept Sec. 603 of the Senate-passed version of H.R. 1295 (“Trade Preferences Extension Act”) and
- MUST insist that the Senate recede to the House and DROP Sec. 603 in Conference.
As described in a letter in opposition to Sec. 603 from the financial industry, the Senate language would “change current law to require banks, credit unions and broker/dealers to report to the Internal Revenue Service and our customers on all interest bearing as well as non-interest bearing accounts.”
Even more dangerously, it would do so by what appears to be a new grant of regulatory authority to the Treasury Department:
“SEC. 6049A. RETURNS REGARDING NON-INTEREST BEARING DEPOSITS.
“(a) Requirement Of Reporting.—Every person who holds a reportable deposit during any calendar year shall make a return according to the forms or regulations prescribed by the Secretary, setting forth the name and address of the person for whom such deposit was held.
Even if not intended by Congress, the danger is that any new statutory authority by could be used (or abused) by Treasury to promulgate new regulations on domestic institutions as promised to foreign governments under unauthorized, non-treaty FATCA “intergovernmental agreements” and the OECD’s insidious “Automatic Exchange of Information” scheme, a/k/a global FATCA or “GATCA.”
ACTION ITEM: Right now, go to this link, find your Representative, and write a short email stating:
I am opposed to Sec. 603 of the Senate-passed version of H.R. 1295 (“Trade Preferences Extension Act”), which would open the door to indiscriminate fishing of private financial information and providing it to foreign governments! Please ensure that this odious section is not approved by the House and is dropped from the final bill.
Let’s get this done!
James George Jatras