corporations pay taxes on overseas awnings and so what fatca did was ensure that u.s. citizens outside of the united states have to report all accounts that they maintain outside the united states to charis it's not just about american citizens our residents reporting on those accounts i want to understand that but it's about making non-u.s. financial institutions essentially be responsible for implementing that reporting in turning the branches of foreign financial institutions essentially into subsidiaries of the i.r.s. don't you think that's a bridge too far now or go i agree with you i was describing what fact was intended to do what you just said is absolutely correct the way it is implemented is to to effectively make known u.s. banking organizations or u.s. banking organizations operating ever sees as effective tax collectors for fall for the i.r.s. and there is worse legislation that has now come out of europe called the comma reporting standard which does exactly the same thing as between about ninety countries now that are signed out to it and clued in incide

is true to say that not every country in the world is a signatory of the common reporting standard fatca operates in relation to the united states only and extraterritorial globally as a matter of u.s. law cover reporting set operates differently by way of a multilateral treaty and i would say that you're absolutely right it makes it virtually impossible now to evade taxes by way of known this leisure in a criminal way by use of any offshore account now you know i have a few friends wealthy relatively wealthy individuals who complain. high net worth this is how they call themselves starting to feel like refugees around the world and i understand that separate. sir said justin but it does relay a certain degree of desperation at the inability to find a home not just for yourself but for your capital and sometimes the origin of that capital is quite questionable you've been very forthcoming in saying that the cayman islands and stressing the transparency of the cayman islands and i believe it to the times just as network to verify your claims but i wonder if you believe there are still des

may i asked that you re-evaluate the need to include property and casualty insurance premiums under fatca reporting requirements. in october treasury issued a priority guidance plan that included doing just that. i appreciate ush responsiveness and i hope i can count on the same level of responsiveness as we work with you on kroll bond ratings inclusion in the ifc's investor guidelines. thank you. >>> senator cortez mastill. good timing. >> i timed that perfectly. thank you. thank you for being here, secretary. an interesting morning. so let me start off just a comment. i have heard some of the conversation back and forth and i think in response to one of my colleagues you made the comment that it's been a great time for financial people. that concerns me. there are many people across this country who are still struggling and that's where we should be looking, those working families. the other thing i want to point out, i'm from nevada. we had the worst recession we've ever seen. we are still coming out of it. and in fact, there was a report that came out that shows that nevada's economic