At a time when unemployment remains high and economic growth is lagging, forcing banks to report interest paid to nonresident aliens would encourage the flight of capital overseas to jurisdictions without onerous reporting requirements, place unnecessary burdens on the American economy, put our financialsystem at a fundamental competitive disadvantage, and would restrict access to capital when our economy can least afford it.
Although the GAAP system has been somewhat effective in enforcing a greater level of accountability and standardization within corporate financialreporting, the beneficial intentions of this process have become obfuscated.