Marco Rubio, Bill Posey Say Treasury Rule Could Harm Bankers

U.S. Sen. Marco Rubio, R-Miami, and Rep. Bill Posey, R-Rockledge, have filed legislation to block a U.S. Treasury Department rule that will force banks to disclose foreign investors.

Rubio and others argue the change, announced late Tuesday, will harm states such as Florida whose banks have significant foreign deposits, according to the Orlando Sentinel. According to one estimate, foreigners have put as much as $100 billion in Florida banks -- roughly $1 out of every $4 in the state.

The belief is that when the rule goes into effect in January, foreign investors will move their money to nations without disclosure requirements, the Sentinel reported.

Treasury officials argue the new reporting requirements are needed to track and report payments to U.S. depositors.

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