Washington, DC – The Treasury Department’s failure to provide sufficient answers about an Internal Revenue Service (IRS) regulation requiring banks to disclose interest paid to nonresident aliens has prompted Ways and Means Oversight Subcommittee Chairman Charles Boustany, Jr., MD (R-LA) to request additional information from Treasury Secretary Timothy Geithner.  

“This regulation could drive foreign investment out of our economy and burden banks with unnecessary reporting requirements, in turn hurting individuals and small businesses,” Boustany stated.  

The May 11 letter calls on the Treasury Department to provide correspondence and other documents relating to the formation of the opinion that the proposed regulation is not a “significant regulatory action,” as well as other information requested in Boustany’s earlier letter.  

The full letter can be read here.