WASHINGTON, D.C. – Today, U.S. Senator Rand Paul will testify before the U.S. House Oversight and Government Reform Committee’s Government Operations Subcommittee regarding the damage done by the Foreign Account Tax Compliance Act (FATCA), and he will call on Congress to pass repeal legislation he introduced earlier this month.
U.S. Representative Mark Meadows (R-NC) has joined with Dr. Paul by introducing the House companion.
Enacted by Congress in 2010, FATCA mandates that foreign financial institutions regularly report private financial information on American citizens under threat of a 30% withholding tax on U.S.-source income. The law has impeded international financial transactions and investment by leading many foreign banks to simply deny services to Americans rather than navigate the burdens and costs of compliance.
You can learn more about the hearing on the House Oversight and Government Reform Committee’s website HERE.
Wednesday, April 26, 2017
WHO: U.S. Senator Rand Paul
WHAT: U.S. House Oversight and Government Reform Committee’s Subcommittee on Government
“Reviewing the Unintended Consequences of the Foreign Account Tax Compliance Act”
WHERE: 2154 Rayburn House Office Building
WHEN: 2:00 pm ET