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(English) Letter to President Barak Obama from Members of the Florida Delegation to the U.S House of Representatives –

March 2, 2011      

The 25 members of the Florida Delegation to the U.S. House of Representatives, lead by Congressman Bill Posey signed a letter to President Obama urging withdrawal of a proposed IRS regulation (REG-146097-09) that would require the reporting of bank deposit interests paid to foreign account holders, to be turned over to foreign governments-.  Their main concern is, of course, that Florida banks, which have substantial deposits from Latin America, would be particularly hard hit if this IRS regulation is not withdrawn.  They claim that it  could drive job-creating capital out of America and undermine U.S. financial markets by sending the message to existing and potential foreign depositors that the U.S. is no longer a secrete jurisdiction.  It is publicly known that this proposed IRS regulation is a revival of another similar Clinton-era proposal that was shelved after facing strong opposition from both private industry and public policy organizations.

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