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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The full letter sent to the Treasury Department under the former administration and their response. The full letter and response sent to the Treasury Department under the current administration is viewable here and here. Here's the full letter sent to the Financial Services Committee requesting a hearing.
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.