WASHINGTON, D.C. – Today, U.S. Senator Rand Paul testified 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).
“My hope is that this hearing will shed some light on this abusive law and lead to a demand for action,” Sen. Paul said during his testimony. “Chairman Meadows and I have sponsored a bill to correct this injustice and repeal FATCA. Congress should pass our bill this year and put an end to this madness.”
Today’s hearing was entitled, “Reviewing the Unintended Consequences of the Foreign Account Tax Compliance Act,” and you can watch Dr. Paul’s testimony HERE.
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 find the text of S. 869, Dr. Paul’s repeal bill, HERE. U.S. Representative Mark Meadows (R-NC) has joined with Dr. Paul by introducing the House companion, H.R. 2054.