On 7 September 2016, U.S. Representative Mark Meadows R-NC issued a press release announcing the introduction of Bill H.R. 5935, which would repeal provisions of the Foreign Account Tax Compliance Act (FATCA). According to the release, the FATCA requirement for foreign financial institutions to report all account holdings and assets of U.S. taxpayers violates a U.S. citizen’s rights to privacy and harms taxpayers with burdensome regulations to abide by. The provisions of the bill include the repeal of the following: Withholding and reporting with respect to certain foreign accounts; Information reporting with respect to foreign financial assets; Penalties for underpayments...