David Weldon: “it is my intent to withdraw this amendment, but I rise on the floor to speak on this issue and engage the chairman of…”

“it is my intent to withdraw this amendment, but I rise on the floor to speak on this issue and engage the chairman of the Committee on Ways and Means on a colloquy on this extremely important issue. On January 17, 2001, the Department of Treasury proposed a regulation requiring all banks located in the United States to report to the Internal Revenue Service the amount of interest paid to nonresident aliens who are individual depositors in these banks. I have a very, very deep concern about this proposed initiative. The interest payments in question are not subject to U.S. tax. This additional reporting requirement for banks will not further any U.S. financial interests in collecting revenues from foreign depositors, nor, in my view, is this requirement an appropriate means to accomplish any other public policy purpose intended to be served by the proposal. This regulation will impose significant costs on the Nation as a whole. The proposal is in conflict with a longstanding objective of the Department and the Congress to encourage nonresident aliens to deposit their money in U.S. banks so that those funds can in turn be used to foster growth and development in this country and in the communities served by these banks.”