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Banking problems for Americans living overseas has finally received notice in Washington. As a result of meetings during the 2010 Overeseas Americans week, which ended 23 April 2010, congressional hearings on this subject have been requested by the two co-chairs of the Americans Abroad Caucus as indicated by this press release:
To share your personal experience involving banking problems, click here FOR IMMEDIATE RELEASE: April 23, 2010 Reps. Maloney & Wilson call for hearings
on access to basic banking services for Americans overseas
WASHINGTON, DC – Americans Abroad Caucus Co-Chairs, Rep. Carolyn Maloney (D-NY) and Rep. Joe Wilson (R-SC) sent a letter to Chairman Barney Frank and Ranking Member Bachus of the Financial Services Committee, of which Rep. Maloney is a senior member, requesting a hearing to look at current U.S. banking laws and regulations that may prevent Americans living overseas from accessing U.S. banking services.
The Caucus Co-Chairs’ efforts, stretching across two administrations, to resolve these issues have not received a satisfactory response. Despite assurances from the Treasury Department that Americans abroad are not restricted by current U.S. regulations, there continue to be increasing numbers of American citizens overseas being denied access to basic banking services.
“That Americans living overseas are being denied banking services in U.S. banks, and increasingly in foreign banks, is unacceptable,” Rep. Maloney said. “We are urging Chairman Frank to hold hearings to examine these issues and take action to ensure all Americans have access to the same banking services.”
“I hope Chairman Frank will hold hearings to examine the unnecessary roadblocks to many Americans living abroad continue to face not only at U.S. banks, but increasingly at foreign banks as well. The requests for assistance continue to come in at a startling rate and I believe it is crucial for the Financial Services Committee to review these circumstances and work to resolve the roadblocks,” said Congressman Joe Wilson.
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Copy of the Caucus leaders' letter to the Committee on Financial Services requesting hearings.
Background. After being contacted by Americans living abroad that have been denied accounts or have had existing accounts closed, often with Patriot Act provisions and the lack of a U.S. address cited as cause, Reps. Maloney and Wilson sent letters to both the current and previous administrations requesting action on this issue.
CONTACT:
Jon Houston, Maloney, 202-225-7944
Pepper Pennington, Wilson, 202-225-2452
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You can help ACA prepare for these proposed hearing on overseas banking services before the House Committee on Financial Services. ACA has collected testimonials from many members and supporters that will be used as support documents for the eventual hearings; however, the more testimonials and personal stories we have, the better our chances for success. If you have had problems accessing banking services either in the US because of lack of a stateside address, lack of residency or other problem, or if you have been shut out of banking services overseas, please let us know by sharing your personal experience or testimonial at www.aca.ch/persexp.php |
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