- 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.
- 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:The Honorable Rand Paul
State of Kentucky
The Bopp Law Firm, PC
AKSIONER International Security Brokerage
Former U.S. citizen living in Switzerland who renounced his U.S. citizenship due to FATCA
Levin Center at Wayne Law Wayne State University