Reviewing unintended consequences of FATCA | KPMG | US

United States: Oversight subcommittee hearing on FATCA

United States: Oversight subcommittee hearing on FATCA

The Subcommittee on Government Operations of the Committee on Oversight and Government Reform, U.S. House of Representatives, today held a hearing for the purpose of reviewing “unintended consequences” of the Foreign Account Tax Compliance Act (FATCA).

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The subcommittee’s hearing specifically was convened to examine the effects of FATCA on the U.S. and international economy, as well as potential legislative remedies.

Background

FATCA requires non-U.S. financial institutions to report assets and identities of certain U.S. persons with non-U.S. financial accounts to the IRS. 

According to the subcommittee, 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 have filed a lawsuit claiming FATCA constitutes an unconstitutional breach of privacy, as well as an illegal treaty.

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