Finance committee  , is the U.S. FATCA legislation. Also, in our submission we note that the banking industry welcomed the passage in June of this year of Bill C-25, the Pooled Registered Pension Plans Act. PRPP would be I think particularly useful for people who do not now have access to a private sector

Canada-Panama Economic Growth and Prosperity Act   on these tax havens by making sure that people are tax compliant and introducing new legislation like FATCA, for example. The problem is that they are actually scooping up the wrong people. They are not going after the folks who are tax avoiders or are ferreting off this money and trying

Finance committee  In part, that's right. I think FATCA is perceived as an overarching legislative fix to a lot of perceived loopholes that people might be able to use to skirt the information reporting requirements.

Finance committee  . The acronym was FATCA. It's sort of trying to characterize fat cats, but it gets a little short there. What does that acronym stand for again?

Finance committee  . Is that why the Congress has taken the initiative under FATCA, to try to close that door?

Finance committee   Account Tax Compliance Act, or FATCA, as it's known, was just adopted. That, in my view, will eliminate bank secrecy for Americans around the world. So I think the trend--at least for American account holders--is that bank secrecy is waning, and that's why an effective voluntary