Senators scrutinize FATCA

Senators scrutinize FATCA (http://isaacbrocksociety.ca/2012/07/31/deserves-own-post-fatca/)

Some senators are starting to see the bigger picture: http://www.prnewswire.com/news-releases/washington-expert-applauds-senators-scrutiny-of-fatca-hails-first-nail-in-coffin-of-bad-law-164446156.html

ACA has picked up on this:

Letter from Paul, Lee, DeMint, Chambliss:

http://americansabroad.org/download_file/view/199/1/

Also interesting is the US Treasury Department Statement attached to the letter, which resembles quite a bit the statement released with reference to Switzerland, including the points I think might be very positive:  B.3.  “…FATCA partner would not be required to:  a. Terminate the account of a recalcitrant account holder; b. Impose passthrough payment witholding on payments to recalcitrant account holders; c. Impose passthrough payment witholding on payments to other FFIs…”

ACA Press Release on the Senators’ position:

http://americansabroad.org/download_file/view/201/1/

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