Democrats Abroad is delighted to announce that Rep. Maloney and Rep. Beyer introduced two House bills today designed to support Americans abroad. The first helps mitigate the unintended harm that FATCA has on Americans' ability to open banking and savings accounts while living abroad, and the second bill is designed to ensure that such consequences are caught before they are baked into Federal law. We salute the Representatives and very much appreciate their efforts on our behalf.
"The Overseas Americans Financial Access Act" directs the Internal Revenue Service (IRS) to exclude from Foreign Account Tax Compliance Act (FATCA) reporting financial accounts held by American citizens in countries where they are bona fide residents. This bill eliminates the unintended and excessive reporting burden imposed on overseas Americans by FATCA, enabling them to more easily open and maintain private bank accounts with foreign financial institutions (FFI’s).
"The Commission on Americans Living Abroad Act of 2019" creates an Executive Commission comprised of a 10-member bipartisan panel to examine the concerns of U.S. citizens living and working abroad. The Commission would analyze, report on, and make appropriate recommendations to address the effects of activities, laws, and policies of the federal government on Americans citizens living overseas.
More information on the bills.