Dan Crenshaw: “I thank the gentleman. As you point out, this is an extensive regulation. It is going to have a profound and…”

“I thank the gentleman. As you point out, this is an extensive regulation. It is going to have a profound and far-reaching impact on our economy. I believe these regulations, as you pointed out, are fraught with unintended consequences. As you point out, the regulation is creating headaches for many Americans who must report their foreign financial activities on the U.S. tax return, so they spend countless hours to prepare and file their tax forms necessary to comply with the regulation. Mr. Chairman, we don't need more burdensome regulations. We need some pro-growth tax reform, to make it easier for Americans, whether living at home or living abroad, to comply with our tax laws. Now, it is good to go after tax dodgers, that is understandable, but this is overkill, and I look forward to working with the gentleman to address these unintended consequences. Mr. Chairman, I yield back the balance of my time. Amendment Offered by Ms. Schakowsky”