Bipartisan Legislation Introduced to Prevent the Flight of Billions of Dollars in Foreign Bank Deposits Out of U.S. Economy
Today bipartisan legislation was filed by U.S. Representatives Bill Posey (R-FL) and Gregory Meeks (D-NY) to prevent the flight of billions of dollars in foreign bank deposits from U.S. banks. The IRS recently proposed overturning a nearly 100 year old policy, without direction from Congress, with a regulation requiring all U.S. banks to report annually on the amount of interest paid to…