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  1. Don, this all goes back to the longstanding discussions from ACA, Isaac, and others who have determined that FATCA will shoot the US in its own foot financially. I am disgusted. What a shame.

  2. Phil – sorry for not commenting on the same subject as above, but the latest news from Carl Levin and Co is getting quite unbelievable.

    Please see – for two articles with their latest hairbrained ideas.

    1. Give the US treasury power to block a non-FATCA bank’s credit or debit cards in the US (isn’t that what we do to Cuba??) So Carl’s suggest is we put into place a trade embargo on non cooporative banks. He trying to plug the holes in his FATCA legisation.

    2. This is also deeply offensive, Carl is advocading to refuse renewal of US passports or revoke US passports if someone owes more than $50,000 to the US government – does this include FBAR penalities?? I know they’ve been doing this for years considering my experience of being in a passport office in the US and the guy being refused a passport and asked “Sir do you owe the US governemtn money?” Apparently Carl has decided to extend the scope of why renewal of a US passport can’t be done.

    So since 2010 overseas Americans have had FATCA, FBARs rejuvinated, and now the threat we can use our foreign credit or debits cards while trying to enter the US on a revoked passport.

    Why doesn’t Carl Levin hold meetings abroad or get Doug Shulman as well (another one who believes he has no accountability and explain the rationale for his actions on ordinary US citizens. The scene would not be pleasant.

    I wonder how the Chinese tourist in Disneyworld will feel when he goes to pay for his overpriced lunch that suddenly his debit card is rejected because the US Treasury has deemed his bank as “non FATCA, uncooporative?” Hmmmmmm.

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