Nigel Green, founder and CEO of financial consulting firm deVere Group, last week teamed up with Jim Jatras of the Global Strategic Communications Group to started a new lobbying campaign to repeal the Foreign Account Tax Compliance Act.
They are focusing their efforts on President Donald Trump and the Republican-controlled congress.
“Trump must show his mettle and reverse a fatally flawed, misguided law,” they said in a statement.
President Barack Obama signed FATCA into law as part of a massive “jobs” bill in 2010. The law requires foreign banks and financial institutions to report to the IRS on the financial activities of Americans living overseas.
Jatras, a former U.S. Senate leadership staffer, has been running the www.RepealFATCA.com website for years in an effort to repeal what he calls “the worst law most Americans have never heard of,” according to The New American website.
“Nigel’s deciding to step up to the plate is just tremendous,” he said. “Billions of dollars have been wasted worldwide complying with FATCA, billions of words have been written complaining about it. Now it’s time for action. When that tax bill gets to President Trump’s desk, we want FATCA repeal in it.”