Republican U.S. Congressman Mark Meadows is proposing to repeal “the heart of FATCA” according to Bloomberg.
In the article FATCA Reporting Under Assault in U.S. House Legislation, Bloomberg says:
The law “goes well beyond what is appropriate” and violates U.S. citizens’ constitutional right to privacy under the Fourth Amendment, Meadows said in a news release Sept. 7. FATCA also creates “unnecessary burdens,” he said.
The actual bill begins:
“To repeal the violation of sovereign nations’ laws and privacy matters”
The rest is legalese. Any legal minds out there who can decipher this for us?
I’m not certain from reading this article if the bill has actually be introduced in Congress or if it is just proposed. I suspect this will never be passed.
But someone is listening. I would love to have a new version of “Congress has spoken.”