FL H1047

Request that the United States Treasury Department withdraw proposed Internal Revenue Service regulation REG-146097-09, which would require financial institutions to report interest earned on nonresident alien deposits to the depositor's home country.

Call for United States Congress to hold hearings examining the negative economic effects of the proposed rule on the United States and Florida economies and the financial burden on banking institutions.

Direct that copies of this memorial be sent to the President of the United States, congressional leadership, Florida's congressional delegation, and the United States Secretary of the Treasury.

Assert that the proposed rule would place U.S. and Florida financial institutions at a competitive disadvantage and cause significant withdrawals of foreign deposits, potentially deepening the banking and economic crisis.

Note that nonresident aliens have deposited nearly $3 trillion in U.S. banks and securities brokers, with tens of billions deposited in Florida banks, largely from Latin American individuals seeking financial privacy and security.