"The US Treasury worked tirelessly to address many of these problems, and most have been resolved. If there are still problems with the law, then I believe Congress should hold hearings to see how it can be improved."
I bet they are wondering how to stay motivated on this one. Well a minor update to the legal system should fix the problem:
Welcome to Congress, we have now designated you a "US Congress Person" for filing purposes.
Being or having been a Members of Congress will require you to file all forms that could be requested of any "US Person".
In cases like FATCA you will also be required to disclose all accounts in your country of residence to meet our test of equivalence for "US Persons" abroad. Banks in the US will now be required to follow all procedures for FATCA for the special case of "US Congress Persons" or face 30% penalties. If Banks are unable to establish whether account holders are "US Congress Persons" they shall pay 30% penalties on all US sourced income.
The penalties for failure to file any form as a "US Congress Person" shall be no less than the highest established for other "US Persons".
Being convicted of some crimes and failures to file may limit your time in office but does not change your status and obligations as a "US Congress Person". If (Ex-)Congresspeople would like to renounce their citizenship they will automatically face the maximum 10 years of continued filing with the IRS as provided by the current regulations. "US Congress Person" like "US Person" can not be renounced separately.
Children of US Congress Persons shall inherit all filing birthrights of being a "US Congress Person".
(edit- fix mis-attribution of renunciation/IRS filing issue to FATCA)
I bet they are wondering how to stay motivated on this one. Well a minor update to the legal system should fix the problem:
Welcome to Congress, we have now designated you a "US Congress Person" for filing purposes.
Being or having been a Members of Congress will require you to file all forms that could be requested of any "US Person".
In cases like FATCA you will also be required to disclose all accounts in your country of residence to meet our test of equivalence for "US Persons" abroad. Banks in the US will now be required to follow all procedures for FATCA for the special case of "US Congress Persons" or face 30% penalties. If Banks are unable to establish whether account holders are "US Congress Persons" they shall pay 30% penalties on all US sourced income.
The penalties for failure to file any form as a "US Congress Person" shall be no less than the highest established for other "US Persons".
Being convicted of some crimes and failures to file may limit your time in office but does not change your status and obligations as a "US Congress Person". If (Ex-)Congresspeople would like to renounce their citizenship they will automatically face the maximum 10 years of continued filing with the IRS as provided by the current regulations. "US Congress Person" like "US Person" can not be renounced separately.
Children of US Congress Persons shall inherit all filing birthrights of being a "US Congress Person".
(edit- fix mis-attribution of renunciation/IRS filing issue to FATCA)