Obama turning foreign banks into enforcers of US tax code

Somehow, in all the confusion when Obamacare was passed, I managed to miss this little gift from the US government to its citizens residing abroad. FATCA, or the Foreign Account Tax Compliance Act, comprises sections 1471 – 1474 of the U.S. Internal Revenue Code (IRC). The code sections were passed into law in March of 2010 as part of H.R. 2847, a job creation bill known as the HIRE Act. The law