On the recordJuly 14, 2014
I thank the gentleman for yielding, and I appreciate the gentleman from Florida working with the committee on this amendment. We are glad to accept it. Recently, the IRS began enforcement of this new regulation requiring U.S. banks to report the amount of interest earned on deposits made by nonresident aliens, and this new regulation is detrimental to Florida's economy and the U.S. economy as a whole because it weakens the competitiveness of the U.S. financial institutions and forces foreign capital to flee our country. The regulation burdens U.S. financial firms with additional paperwork and has the unintended consequence of causing many of these foreign depositors to take their business and capital elsewhere, so hundreds of billions of dollars will flee the economy. That will impede small business lending and affect local communities. Both Congress and the administration will benefit from a fuller understanding of how the regulation affects banks, their clientele, and all of the communities, so I urge a ``yes'' vote in support of this amendment.
