,i  #aae? ,,congress  #a/ ,session  ,h4 
,r4 #bacf  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,april #be1 #bjag,mrs4
 ,c>olyn ,b4 ,maloney ( ,new ,york      
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,ways & ,means  ,a     
,,bill  ,to am5d ! ,int]nal ,rev5ue     
,code ( #aihf to provide an exception f 
c]ta9 report+ requirem5ts ) respect to !
 =eign acc\nts ( individuals :o live    
abroad4  #a4 ,exception to c]ta9 report+
 requirem5ts applicable to =eign        
f9ancial in/itutions ) respect to c]ta9 
individuals :o live abroad  7a7 ,9 g5]al
 ,section #adga7;d77#a7 ( ! ,int]nal    
,rev5ue ,code ( #aihf is am5d$ by       
r$esignat+ subp>agraph 7,c7 z           
subp>agraph 7,d7 & by ins]t+ aft]       
subp>agraph 7,b7 ! foll[+ new           
subp>agraph3  7,c7 ,exception = c]ta9   
individuals :o live abroad  7i7 ,9 g5]al
 ,unless ! =eign f9ancial in/itution    
elects to n h ?is subp>agraph apply1 su*
 t]m %all n include any depository      
acc\nt ma9ta9$ by su* f9ancial          

in/itution if ea* hold] ( su* acc\nt    
is--  7,i7 a natural p]son1 &  7,,ii7 a 
qualifi$ individual ) respect to a =eign
 c\ntry 9 :i* su* =eign f9ancial        
in/itution is lic5s$ to conduct bus9ess4
  7ii7 ,qualifi$ individual ,= purposes 
( ?is subp>agraph1 an individual is a   
qualifi$ individual ) respect to any    
=eign c\ntry if su* individual w\ld be a
 qualifi$ individual "u section #iaa7;d7
 if ! only =eign c\ntry tak5 into acc\nt
 "u su* section 7 su* =eign c\ntry4  4  
7b7 ,effective date  7#a7 ,9 g5]al ,!   
am5dm5ts made by ?is section %all take  
effect on ! date ( ! enactm5t ( ?is     
,act4  7#b7 ,modification ( agreem5ts   
,at ! reque/ ( any =eign f9ancial       
in/itution1 ! ,secret>y ( ! ,treasury   
7or ! ,secret>y's delegate7 %all1 z     
promptly z is practicable1 modify any   
agreem5t :i* is 9 effect betwe5 !       
,secret>y & su* =eign f9ancial          
in/itution "u section #adga ( ! ,int]nal
 ,rev5ue ,code ( #aihf to take into     
acc\nt ! am5dm5ts made by ?is section4  

#b4 ,exception = c]ta9 individuals :o   
live abroad to c]ta9 report+ requirem5ts
 applicable to individuals ) =eign      
f9ancial assets  7a7 ,9 g5]al ,section  
#fjch;,d ( ! ,int]nal ,rev5ue ,code (   
#aihf is am5d$ by r$esignat+ subsection 
7h7 z subsection 7i7 & by ins]t+ aft]   
subsection 7g7 ! foll[+ new subsection3 
7h7 ,exception = c]ta9 f9ancial acc\nts 
( individuals liv+ abroad  7#a7 ,9 g5]al
 ,9 ! case ( a qualifi$ individual )    
respect to any =eign c\ntry1 subsection 
7a7 %all n apply to su* individual = any
 taxable ye> if su* individual w\ld n be
 requir$ to provide any in=mation "u su*
 subsection = su* taxable ye> if !      
qualifi$ =eign acc\nts 9 :i* su*        
individual holds an int]e/ 7 n tak5 into
 acc\nt z specifi$ =eign f9ancial assets
 = purposes ( ?is section4  7#b7        
,qualifi$ =eign acc\nt ,= purposes ( ?is
 subsection1 ! t]m qualifi$ =eign acc\nt
 means1 ) respect to any qualifi$       
individual1 any acc\nt describ$ 9       
subsection 7b77#a7 :i* is ma9ta9$ by a  

f9ancial in/itution :i* is lic5s$ to    
conduct bus9ess 9 ! =eign c\ntry )      
respect to :i* su* individual is a      
qualifi$ individual4  7#c7 ,qualifi$    
individual ,= purposes ( ?is subsection1
 an individual is a qualifi$ individual 
) respect to any =eign c\ntry if su*    
individual w\ld be a qualifi$ individual
 "u section #iaa7;d7 if ! only =eign    
c\ntry tak5 into acc\nt "u su* section 7
 su* =eign c\ntry4  4  7b7 ,effective   
date ,! am5dm5ts made by ?is section    
%all apply to taxable ye>s beg9n+ aft] !
 date ( ! enactm5t ( ?is ,act4