FAT Chance Against FATCA

24 Sep

It is nice to see that somebody cares, but this sure seems like “whistling in the wind,” an expression that is used to indicate doing something that is a brave attempt, but a futile endeavor. I have copied here, an announcement that appears on the American Citizens Abroad website:

FOR IMMEDIATE RELEASE

August 2, 2012

Four U.S. Senators Join Growing Momentum Against FATCA

ACA was the first organization to point out the devastating consequences of FATCA on the U.S. economy and on Americans residing overseas. Now, four U.S. Senators have joined the growing chorus of voices against FATCA, citing U.S. job loss and high implementation costs that FATCA imposes on U.S. financial institutions.

In their letter of July 25, 2012 to the Secretary of the Treasury Geithner, Senators Rand Paul, Jim De Mint, Mike Lee and Saxby Chambliss question the validity of the “Joint Statement” released February 8, 2012 from the United States and five European nations and imply that the Department of the Treasury has acted beyond its authority in promising reciprocity and in issuing Treasury regulations requiring U.S banks to report to the IRS on foreign owned bank deposits.

“There is no end to the negative repercussions from this flawed legislation,” said ACA Director Jackie Bugnion. “FATCA would result in less investment in the US and fewer jobs, decimation of America’s expatriate sales force abroad, higher consumer costs, and tremendous disruption to the global financial system. ACA supports these Senator’s efforts in Congress to block FATCA’s enforcement and is continuing to work with other legislators and stakeholders to get it repealed.”

American Citizens Abroad (ACA), the voice of more than 5.2 million Americans overseas, is a non-partisan, non-profit association of volunteers based in Geneva, Switzerland, with worldwide membership in over 90 countries. ACA has represented the interests of American citizens residing overseas for more than 30 years on issues ranging from banking and taxation to voting registration. For more information, visit http://www.americansabroad.org

For more information, please CONTACT: Marylouise Serrato, Executive Director American Citizens Abroad (ACA)
+41 22 3400233

info.aca@gmail.com

 And Congrats to these four senators. No doubt, they have been added to the IRS enemy list.
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4 Responses to “FAT Chance Against FATCA”

  1. expatami September 24, 2012 at 10:47 AM #

    Secretary of the Treasury, Geithner, was supposed to respond in 30 days. Yet, I have not yet heard of any response being made. Thus, Geithner obviously realizes that the FATCA is far to criminal for a response to justify it.

    • danielkovnat September 24, 2012 at 2:07 PM #

      I didn’t know that Geithner had 30 days to respond, but it is not surprising to me that he just ignored this. He just didn’t think it was worth responding and didn’t want to get into a tit for tat back and forth. Hey, when you hold all the cards, you don’t have to do what someone else wants you to do.

  2. danielkovnat September 24, 2012 at 4:10 PM #

    OK — We shall see what we shall see as time and this story unfold. Having been around a long time, I am of the opinion that the big cats get what they want. The small fries are left scratching their heads and scramble to get out of the net or to try to not get run over by the steam roller. Please excuse my tendency towards analogies that might exaggerate things.

    Incidentally thanks for the link to the original letter in question.

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