Congressman Bill Posey (R-Florida) released the following statement regarding a new rule issued by the Treasury Department concerning Non-Resident Alien Deposits in U.S. banks:
"The Administration's decision overturns a hundred-year old policy that has welcomed tens of billions of dollars from foreigners, putting their money to work in America. In doing so, the Administration has thumbed its nose at the entire Florida delegation who wrote the President on March 2, 2011, asking him to withdraw the ill-advised proposal which would 'cause irreparable harm to the U.S. economy' and 'negatively affect the solvency of financial institutions' in the state of Florida. They are basically telling foreigners that their money is no longer welcome in the United States.
"Deeply troubling is the Administration's refusal to conduct a simple economic impact study to analyze the loss these deposits will have on the U.S. economy and specific financial institutions that are heavily dependent on foreign deposits."