Thank you, Chair.
I could tell you this is a really simple, straightforward amendment. It simply would add in clause 101 the following to create section 265.1:
Every reporting Canadian financial institution shall send a written notice to the holder of the U.S. reportable account at least 60 days before sending the information concerning the account under the agreement.
It's very straightforward. It would require our banks or financial institutions to provide 60 days' notice to those people who were caught in the FATCA web. There can be no doubt as to the constitutionality of this. Banks are federally regulated. This is a requirement of those institutions to provide notice.
That would, I think, alleviate some of the concern of so many of our fellow citizens who are going to be caught in this law. They are going to be notified that their very sensitive personal information is being sent by our government, the CRA, down to the United States. I think this would be very straightforward. Sixty days' notice is not inconsistent with a lot of other notice requirements in federal law.