Treasury Reps Agree to Discuss Impact of FATCA on U.S. Citizens Living Abroad

Thank you for your letter of June 13, 2012, to Secretary Geithner regarding concerns of U.S. citizens residing abroad relating to the Report of Foreign Bank and Financial Accounts (FBAR) and the tax reporting provisions commonly known as FATCA. Because your letter involves a matter of tax policy, it was referred to me for a response.

As you note in your letter, staff from the Office of Tax Policy, the Internal Revenue Service, and the Financial Crimes Enforcement Network recently met with several groups representing U.S. citizens residing abroad. We take very seriously the concerns those groups expressed at the meeting, and we are considering their suggestions thoroughly, as we consider all comments received.

Your letter also suggests a follow-up meeting later this summer, and we would be happy to participate in such a meeting.

Thank you again, and we appreciate your continued attention to these important matters.