GOP Rep. Demands Info On Foreign Account Reporting Rule

Law360, New York (May 14, 2012, 3:27 PM EDT) -- A House Republican demanded Friday that the U.S. Treasury Department further explain its recently finalized rule requiring U.S. banks to report the identities of their foreign account holders, a regulation opponents claim could cause American financial institutions to lose vital customers.

Rep. Charles Boustany Jr., R-La., who chairs the U.S. House of Representatives Ways and Means Oversight Subcommittee, claims the Treasury didn’t fulfill his original request last fall for information about the rule and its implementation when it informed him that the rule was “not a...
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