Foreign Depositors Rule Is Welcome

By Nicole Tichon

To the Editor:

Regarding “Florida bankers object to disclosing identities of foreign depositors,”, April 18: The Florida Bankers Association, U.S. Sen. Marco Rubio and U.S. Rep. Bill Posey are off base in their reactions to the new Treasury Department rule requiring banks to report information to the Internal Revenue Service on deposit accounts held by foreigners. They already are required to do this for accounts held by U.S. citizens, U.S. residents and Canadians.