Simply put, this rule will cause billions of dollars in important NRA deposits to be withdrawn from American banks and invested in countries with less onerous reporting requirements, the lawmakers state in the bill summary.

A capital flight of any magnitude will hurt the lending capacity of community banks and damage local and state economies — not to mention endanger those who invest in U.S. banks due to corruption, inflation, and violence in their home countries, particularly in nations like Mexico and Venezuela.

The summary also notes that Congress has explicitly exempted NRA deposits from taxation, and that the IRS is putting forward the rule to be consistent with increased transparency. Rubio, however, argued that this means the rule could lead to capital flight without any possible benefit of increased tax collection.

The IRS issued its proposed rule on NRA interest payment notification in February. Rubios bill is a companion bill to H.R. 2568, which was introduced by Reps. Bill Posey (R-Fla.), Francisco Canseco (R-Texas), Mario Diaz-Balart (R-Fla.), Ruben HinojosaRuben Elroy HinojosaTurning the tables to tackle poverty and homelessness in rural America Ethics: Lawmakers didn’t ‘knowingly’ break rules with Azerbaijan gifts Dems heap praise on Pelosi for trade moves MORE (D-Texas) and Gregory Meeks (D-NY).