His bill has little chance of winning approval in the Democratic-controlled Senate. Starting next year under FATCA, foreign banks, investment funds and other financial institutions will have to tell the U.S. Internal Revenue Service about Americans with accounts that are worth more than $50,000.
There is no deal in place, and President Obama is set to speak from the White House on the "fiscal cliff" any minute, with CNBC's Eamon Javers and Rep. Ron Paul (R-TX); and CNBC's Melissa Lee; and the Money In Motion traders. "I believe there is too much bipartisanship on the spending, and nobody is talking about cutting any spending," says Rep. Ron Paul.