Hearing Set on NRA Issue

The Financial Institutions Subcommittee of the House Financial Services Committee will hold a hearing this week on proposed regulations to require reporting of nonresident alien deposit interest income.  As you are aware, IBAT has been involved in this issue for over ten years, and commented on the proposed rule as well as alerted our Congressional delegation to this issue in the Spring.  We were pleased that our two U.S. Senators weighed in on this issue as well in a letter to Secretary Geithner.