Limiting Foreign Access To Your Bank Accounts
By SEN. RAND PAUL
Posted 05/16/2013 06:14 PM ET
Earlier this week, I introduced a bill that would reform the Foreign Account Tax Compliance Act (Fatca).
Originally tacked on as the "pay-for" to a 2010 bill to incentivize hiring, Fatca was intended to crack down on overseas tax evasion.
That's not been the reality, however.
Instead, the Treasury Department has chosen to manipulate Fatca to establish an international financial snooping scheme that violates the Constitution, disregards the mutual respect of sovereignty among nations, increases the national debt, and threatens America's economic competitiveness.
Fatca, with little fanfare, made sweeping changes to privacy laws.
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