GOP Rep Warns: Regulating Foreign Investments Won't Help American Economy

Rep. Bill Posey (R-Fla.) has introduced a bill that would block a proposed IRS regulation requiring banks to report the deposit interest paid to foreign investors. He explained his position at a Subcommittee on Financial Institutions and Consumer Credit hearing Thursday, saying it will not further U.S. interests. (0:35)

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Watchdog: U.S. At Risk Of Becoming A Tax Haven

During a hearing Thursday with a House Financial Services Subcommittee, Rebecca Wilkins, senior counsel on federal tax policy at Citizens for Tax Justice, supported a proposed IRS regulation requiring banks to report deposit interest paid to foreign investors as a way to curb tax evasion. Wilkins warned that failing to do so could lead to the U.S. becoming a tax haven. (0:32)

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Foreigners Invest In U.S. For Security, Says Banker

Alex Sanchez, president and CEO of Florida Bankers Association, told the Subcommittee on Financial Institutions and Consumer Credit Thursday that proposed IRS regulations requiring banks to report the deposit interest paid to foreign investors would threaten those investors’ security. (0:36)

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