August 02, 2011 "iwatchnews" --- Two U.S. House members who collected large campaign donations from the financial industry are pushing legislation to block an Internal Revenue Service plan [4] to discourage foreign tax evaders and money launderers from stashing money in U.S. banks.
Legislation [5] sponsored by Democrat Gregory Meeks of New York and Republican Bill Posey of Florida would stop the IRS from requiring American banks to report interest paid to foreign citizens who live outside the United States and have deposits in U.S. banks. In announcing the legislation, Meeks and Posey echoed the arguments of American bankers [6] who say the IRS proposal could chase foreign capital away from the United States.
“At a time when our economy is experiencing a nascent recovery, the last thing we want to do is discourage foreign investment in the United States,” Meeks said in a statement [7]. “We must protect America’s reputation as the best place in the world to invest and do business.”
Oink oink, squeal squeal.
http://www.informationclearinghouse.info/article28720.htm
