As a country dependent on International trade the American economy would be destroyed. Since all US global trade is transacted in US dollars, there would be no exports or imports, due to the fact that the United States would not be able to buy and sell goods. If you wanted to, you could move or transfer some or all of your money out of your bank or credit union to anywhere in the world. This is entirely legal. US banks and the IRS disseminate negative propaganda dealing with offshore banking, making it seem unsafe or some type of criminal act.
Banks desire to keep money in their institutions to use for their own profitable purposes.
Most US banks themselves accept deposits from people overseas and often invest in foreign stocks and hold accounts with foreign banks. On the other hand the IRS wants to keep money in US banks where every dollar earned in interest can be taxed. Federal law restricts off shore banks from advertising their services in US magazines and newspapers, unless they agree to the same restrictions that govern FDIC institutions. Another reason the US government has constructed US banking law in its present form is to prevent competition. The internet changes that forever.