On April 7, 2022, Internal Revenue Service (IRS) Commissioner Charles P. Rettig testified on agency operations and the President’s 2023 budget request before the Senate Finance Committee. During his testimony, he stated his support for a reciprocal Foreign Account Tax Compliance Act (FATCA) bill. The Commissioner mentioned that when FATCA passed, the United States committed to their exchange partners around the world that they would pass a similar provision with respect to reciprocal FATCA. To date, the partner jurisdictions have stated that U.S. financial institutions are not sharing this reciprocal information. As such, the Commissioner supports the pending reciprocal FATCA Bill.
Check out Commissioners statements regarding support for the reciprocal FATCA bill at around the 47:00 mark here:
Check out pending FATCA Bills here: