Bill · H.R. 5978· House(119-HR-5978)
Foreign Remittance Accountability and Transparency Act
- Introduced
- 11/7/2025
- Last activity
- 11/7/2025 — Referred to the House Committee on Ways and Means.
- Sponsored by
- Keith Self
- Cosponsors
- None
- Introduced
- In Committee
What this bill would do
This bill is called the "Foreign Remittance Accountability and Transparency Act." It requires the Comptroller General of the United States, working with the Secretary of the Treasury, to study foreign government programs that help people evade Federal taxes. The study will look at programs meant to support remittance transfers from people in the U.S. and check if they intentionally bypass U.S. tax or reporting laws. Finally, the Comptroller General must give Congress a report with the study results and recommendations for regulation or enforcement.
Yes· 3 of 5
Does this make what the government does easier for the public to see?+3
The bill mandates a study and report to Congress, increasing transparency regarding tax evasion schemes.
Does this make the government pay for what it commits to?+2
The bill promotes fiscal responsibility by auditing and reporting on loopholes used for tax evasion.
Does this give the federal government more power?+2
The bill increases the oversight and regulatory capabilities of the federal government regarding foreign remittance programs.
The opposite· 3 of 6
Would billionaires be better off under this?-5
The bill's goal to eliminate tax evasion loopholes is most disruptive to those utilizing complex foreign financial systems.
Would the very wealthiest people be better off under this?-4
Increased scrutiny of foreign remittance and tax evasion programs directly targets ultra-high-net-worth strategies.
Would people with substantial wealth be better off under this?-3
Targeting tax evasion via foreign programs disproportionately affects those with significant overseas financial interests.
Who it would affect, and how
Potential Positive Impacts for People
-
Identification of Tax Evasion: By identifying programs that bypass U.S. tax laws (Section 2(a)(2)), the government can better address Federal tax evasion.
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Policy Recommendations: The requirement for the Comptroller General to provide policy recommendations for enforcement or regulatory responses (Section 2(b)(2)) could lead to improved laws.
Potential Negative Impacts for People
- No negative impacts for individuals or groups of people are explicitly mentioned in the provided text.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Demographic And Interest Groups
- Good For Billionaires-5Good For Ultra High Net Worth Individuals-4Good For High Net Worth Individuals-3Good For High Income Households-2Good For Immigrants-1
- Economy And Finance
- Improves Fiscal Responsibility+2Increases Wealthy Taxes+1Reduces National Debt+1
- Governance And Ideology
- Improves Government Transparency+3Increases Federal Power+2Improves Privacy Rights-2
- 11/7/2025
- Referred to the House Committee on Ways and Means.
- Introduced in House