Bill Pascrell: “Treasury could prohibit U.S. banks from accepting wire transfers or honoring credit cards from banks found to…”

“Treasury could prohibit U.S. banks from accepting wire transfers or honoring credit cards from banks found to significantly hinder U.S. tax enforcement. We all support, I would hope, in this body, enforcement of the tax law. As much as we have derided the IRS and its efficiencies and proficiencies, think if we had fewer people in the IRS overseeing these transfers. I don't recommend that; I don't recommend that at all. This amendment will give the Treasury greater power to fight against offshore tax havens and tax cheats. The counter-argument, my friend, through the Speaker, from New York, I want you to pay particular attention to this. This is my final point. The SPEAKER pro tempore. The time of the gentleman has again expired.”