To: President Donald Trump, The United States House of Representatives, and The United States Senate
FATCA Reform Now!
FATCA -- a U.S. law which requires banks to report to U.S. authorities the foreign accounts of U.S. citizens, thus causing many banks to refuse to provide accounts for Americans -- should be reformed to exclude accounts if the U.S. citizen resides in (or is also a citizen of) the foreign country.
This law was intended to crack down on FATCATS evading taxes. It shouldn't be used to deprive middle class American citizens living abroad (or dual citizens living in the States) of bank accounts necessary for normal life just as they are for American citizens at home.
Why is this important?
Because of FATCA (the Foreign Account Tax Compliance Act), many American citizens who reside abroad have been denied bank accounts (or had them closed) by banks which don't want the hassle of responding to this U.S. law. This makes it very hard to conduct normal life.
Americans who are also citizens of another country may also naturally retain bank accounts in their former home country, because they might vacation there, have a business there, etc.
FATCA should be closely targeted on tax evaders (and terrorism supporters), not on middle class citizens living normal lives.
Besides signing the petition, you can also help by submitting stories and especially documentation of problems (e.g., letters from banks denying new accounts or closing old ones) to Stanley Grossman at
<[email protected]> THANKS!!!