I 
118TH CONGRESS 
2D SESSION 
H. R. 8873 
To amend the Internal Revenue Code of 1986 to provide an exception from 
certain reporting requirements with respect to the foreign accounts of 
individuals who live abroad. 
IN THE HOUSE OF REPRESENTATIVES 
JUNE 27, 2024 
Ms. TITUS (for herself, Mr. BEYER, Mr. RASKIN, and Mr. SWALWELL) intro-
duced the following bill; which was referred to the Committee on Ways 
and Means 
A BILL 
To amend the Internal Revenue Code of 1986 to provide 
an exception from certain reporting requirements with 
respect to the foreign accounts of individuals who live 
abroad. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Overseas Americans 
Financial Access Act’’. 
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SEC. 2. EXCEPTION TO CERTAIN REPORTING REQUIRE-
MENTS APPLICABLE TO FOREIGN FINANCIAL 
INSTITUTIONS WITH RESPECT TO CERTAIN 
INDIVIDUALS WHO LIVE ABROAD. 
(a) IN GENERAL.—Section 1471(d)(1) of the Inter-
nal Revenue Code of 1986 is amended by redesignating 
subparagraph (C) as subparagraph (D) and by inserting 
after subparagraph (B) the following new subparagraph: 
‘‘(C) EXCEPTION
FOR
CERTAIN
INDIVID-
UALS WHO LIVE ABROAD.— 
‘‘(i) IN GENERAL.—Unless the foreign 
financial institution elects to not have this 
subparagraph apply, such term shall not 
include any depository account maintained 
by such financial institution if each holder 
of such account is— 
‘‘(I) a natural person, and 
‘‘(II) a qualified individual with 
respect to a foreign country in which 
such foreign financial institution is li-
censed to conduct business. 
‘‘(ii) QUALIFIED
INDIVIDUAL.—For 
purposes of this subparagraph, an indi-
vidual is a qualified individual with respect 
to any foreign country if such individual 
would be a qualified individual under sec-
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tion 911(d) if the only foreign country 
taken into account under such section were 
such foreign country.’’. 
(b) EFFECTIVE DATE.— 
(1) IN GENERAL.—The amendments made by 
this section shall take effect on the date of the en-
actment of this Act. 
(2) MODIFICATION OF AGREEMENTS.—At the 
request of any foreign financial institution, the Sec-
retary of the Treasury (or the Secretary’s delegate) 
shall, as promptly as is practicable, modify any 
agreement which is in effect between the Secretary 
and such foreign financial institution under section 
1471 of the Internal Revenue Code of 1986 to take 
into account the amendments made by this section. 
SEC. 3. EXCEPTION FOR CERTAIN INDIVIDUALS WHO LIVE 
ABROAD TO CERTAIN REPORTING REQUIRE-
MENTS APPLICABLE TO INDIVIDUALS WITH 
FOREIGN FINANCIAL ASSETS. 
(a) IN GENERAL.—Section 6038D of the Internal 
Revenue Code of 1986 is amended by redesignating sub-
section (h) as subsection (i) and by inserting after sub-
section (g) the following new subsection: 
‘‘(h) EXCEPTION
FOR
CERTAIN
FINANCIAL
AC-
COUNTS OF INDIVIDUALS LIVING ABROAD.— 
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‘‘(1) IN GENERAL.—In the case of a qualified 
individual with respect to any foreign country, sub-
section (a) shall not apply to such individual for any 
taxable year if such individual would not be required 
to provide any information under such subsection for 
such taxable year if the qualified foreign accounts in 
which such individual holds an interest were not 
taken into account as specified foreign financial as-
sets for purposes of this section. 
‘‘(2) QUALIFIED FOREIGN ACCOUNT.—For pur-
poses of this subsection, the term ‘qualified foreign 
account’ means, with respect to any qualified indi-
vidual, any account described in subsection (b)(1) 
which is maintained by a financial institution which 
is licensed to conduct business in the foreign country 
with respect to which such individual is a qualified 
individual. 
‘‘(3) QUALIFIED INDIVIDUAL.—For purposes of 
this subsection, an individual is a qualified indi-
vidual with respect to any foreign country if such in-
dividual would be a qualified individual under sec-
tion 911(d) if the only foreign country taken into ac-
count under such section were such foreign coun-
try.’’. 
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(b) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
the date of the enactment of this Act. 
Æ 
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