Treasury reaches tentative deal on disclosure of foreign bank accounts

The Treasury Department has reportedly reached an agreement on how much information must be disclosed on foreign bank accounts held by U.S. taxpayers, according to Dow Jones. 

Treasury officials will be able to use discretion on who complies with legislation that increases reporting requirement for account holders. A Senate vote on the bill could come as early as next week. 

The House has passed a stricter bill, much to the chagrin of financial leaders who argued its provisions were too onerous. Treasury officials also dreaded its implementation since it was unclear if the Department had the manpower to enforce its provisions.