On the recordJuly 14, 2014
Mr. Chairman, I yield myself the balance of my time. This legislation would not be necessary if the IRS or the Treasury had already done what was required by law. When you promulgate a rule that has over a $100 million impact on the private sector, you are supposed to do a cost-benefit analysis, and they refused to do it in this case. They took the position that, well, it doesn't cost that much money just to fill out a little form and try and rat out foreign bank depositors here. The reality is studies show it clearly will have a multibillion- dollar impact. I yield back the balance of my time.
