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Hearing Hearing Date: April 26, 2017 2:00 pm 2154 RHOB

Reviewing the Unintended Consequences of the Foreign Account Tax Compliance Act

Subject
Reviewing the Unintended Consequences of the Foreign Account Tax Compliance Act
Date
April 26, 2017
Time
2:00 pm
Place
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:

The Honorable Rand Paul

U.S. Senator
State of Kentucky

Mr. James Bopp, Jr.

Attorney
The Bopp Law Firm, PC

Document

Mr. Mark Crawford

Director
AKSIONER International Security Brokerage

Document

Mr. Daniel Kuettel

Former U.S. citizen living in Switzerland who renounced his U.S. citizenship due to FATCA


Document

Ms. Elise Bean

Washington Co-Director
Levin Center at Wayne Law Wayne State University

Document