Foreign Account Tax Compliance Act of 2009: Proposed Repeal Of U.S. Bearer Bond Exception

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On October 27, 2009, Senator Max Baucus (D-Montana) and Representative Charles Rangel (D-New York), chairmen of the Congressional tax writing committees, unveiled the Foreign Account Tax Compliance Act of 2009 (the “Bill”). If enacted in its current form, the Bill would, among other things, effectively end the practice whereby U.S. issuers sell bearer bonds to foreign investors. Both President Barack Obama and Treasury Secretary Timothy Geithner issued statements giving their unqualified support for the Bill.

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