Reason.com - Free Minds and Free Markets
Reason logo Reason logo
  • Latest
  • Magazine
    • Current Issue
    • Archives
    • Subscribe
    • Crossword
  • Video
    • Reason TV
    • The Reason Roundtable
    • Just Asking Questions
    • Free Media
    • The Reason Interview
  • Podcasts
    • All Shows
    • The Reason Roundtable
    • The Reason Interview With Nick Gillespie
    • The Soho Forum Debates
    • Just Asking Questions
  • Volokh
  • Newsletters
  • Donate
    • Donate Online
    • Donate Crypto
    • Ways To Give To Reason Foundation
    • Torchbearer Society
    • Planned Giving
  • Subscribe
    • Reason Plus Subscription
    • Gift Subscriptions
    • Print Subscription
    • Subscriber Support

Login Form

Create new account
Forgot password

Policy

Obama Wants More Power To Force Banks To Disclose Foreigners' Accounts

Meet Uncle Sam, global financial leper

Reason Staff | 2.5.2013 7:20 PM

Share on FacebookShare on XShare on RedditShare by emailPrint friendly versionCopy page URL Add Reason to Google
Media Contact & Reprint Requests

The Obama administration may soon ask Congress for the power to require more disclosure by U.S. banks of information about foreign clients' accounts to those clients' home governments, as part of a crackdown on tax evasion, sources said on Monday.

In a move facing resistance from some in the U.S. banking industry, two tax industry sources said the administration was considering asking Congress in an upcoming White House budget proposal for the authority to require more disclosure from U.S. banks.

The information-sharing effort stems from a fight by the Treasury Department against offshore tax evasion under the Foreign Account Tax Compliance Act, or FATCA, adopted in 2010 and set to begin taking effect at the end of 2013.

Start your day with Reason. Get a daily brief of the most important stories and trends every weekday morning when you subscribe to Reason Roundup.

This field is for validation purposes and should be left unchanged.

NEXT: Boy Scout Decision on Gay Members Expected Wednesday

Reason Staff
PolicyTaxesPrivacyBanking
Share on FacebookShare on XShare on RedditShare by emailPrint friendly versionCopy page URL Add Reason to Google
Media Contact & Reprint Requests

Show Comments (0)

Latest

James Comey Says His Grudge-Driven Prosecution Is Unconstitutional Retaliation for His Criticism of Trump

Jacob Sullum | 10.31.2025 6:00 PM

They Face $1 Million in Fines—for Someone Else's Code Violations

Billy Binion | 10.31.2025 5:31 PM

iRobot Faces Bankruptcy After Elizabeth Warren Helped Kill $1.65 Billion Amazon Merger

Joe Lancaster | 10.31.2025 3:35 PM

How Opioid Settlement Money Turned Into a $600K Party Fund

Mariana Trujillo and Layal Bou Harfouch | 10.31.2025 1:46 PM

Trump's National Guard Plan Edges the U.S. Closer to a Permanent Federal Police Force

Jacob R. Swartz | 10.31.2025 12:50 PM

Recommended

  • About
  • Browse Topics
  • Events
  • Staff
  • Jobs
  • Donate
  • Advertise
  • Subscribe
  • Contact
  • Media
  • Shop
  • Amazon
Reason Facebook@reason on XReason InstagramReason TikTokReason YoutubeApple PodcastsReason on FlipboardReason RSS Add Reason to Google

© 2025 Reason Foundation | Accessibility | Privacy Policy | Terms Of Use

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Take Reason's short survey for a chance to win $300
Take Reason's short survey for a chance to win $300
Take Reason's short survey for a chance to win $300