FATCA also requires such persons to report their non-U.S. foreign financial institutions (FFIs) to search their records for customers with indicia of a connection to the U.S., including indications in records of birth or prior residency in the U.S., or the like, and to report such assets and identities of such persons to the U.S. The Foreign Account Tax Compliance Act ( FATCA) is a 2010 United States federal law requiring all non-U.S. Signed into law by President Barack Obama on March 18, 2010.Senate agreed to House amendment on March 17, 2010 (68–29).Passed the House as the Hiring Incentives to Restore Employment Act, Title V, Subtitle A on March 4, 2010 (217–201) with amendment.Committee consideration by Senate Finance, House Ways and Means.3933) by Max Baucus ( D– Montana) Charles Rangel ( D– NY-13) on October 27, 2009 Introduced in the House and Senate as Foreign Account Tax Compliance Act of 2009 (S.
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