- FATCA: “Another American Turns in Passport to Protest Idiotic New Banking Regulations” [Matt Welch, earlier]
- Cato president John Allison discusses his new book “The Financial Crisis and the Free-Market Cure” [video, earlier; John Tamny, Forbes]
- “The Unintended Consequences of Cracking Down on Payday Lenders” [A. Barton Hinkle, earlier]
- Trial lawyers’ uses for “say on pay” [Bainbridge] Suits after mergers [Kevin LaCroix on Boris Feldman article]
- Massachusetts law restricting foreclosures is likely to backfire [Anthony Randazzo] “Foreclose on state AGs” [Michael Greve, Law and Liberty]
- ACLU (ACLU?) sues Morgan Stanley over allegedly predatory loans [Althouse] Suing Wells Fargo twice is not very nice [Reynolds Holding, Reuters]
- “More evidence that Dodd-Frank is hurting small banks” [Ammon Simon, earlier]
2 Comments
I will also be renouncing my citizenship soon, for exactly the reasons listed in the article. It has always been a pain, filing tax returns in two countries every year (pretty much only the US requires this of its expats).
US pressure on foreign banks means that they no longer want American customers (unless, of course, you are very rich). As I understand it, the pressure is basically blackmail: There can be no legal requirement for foreign banks to implement FATCA; the unspoken threat is that non-compliant banks might no longer be allowed to trade on American stock exchanges.
This isn’t the first such extra-legal rule from the US. Foreign banks are required to report to the US when foreigners trade US stocks. The US requires information on all international SWIFT transfers, even if the transfer is entirely outside the US and between two foreign entities. All enforced with the vague threat of excluding banks from American markets.
I would be very interested in hearing an analysis of the legality of this behavior by the US. Any experts out there?
I did renounce this year. I’ve been tracking news and discussion for those considering renouncing at Reddit’s /r/renounce