S. 1506: A bill to prevent the Secretary of the Treasury from expanding United States bank reporting requirements with respect to interest on deposits paid to nonresident aliens.

112th Congress · introduced 2011-08-02 · Finance and Financial Sector · Latest: Read twice and referred to the Committee on Finance.

federal

Follow this bill, step by step

Where it came from: introduced 2011-08-02 · official record
Who proposed it: Sen. Rubio, Marco [R-FL] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Read twice and referred to the Committee on Finance. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

A bill to prevent the Secretary of the Treasury from expanding United States bank reporting requirements with respect to interest on deposits paid to nonresident aliens.

Plain summary

Prohibits the Secretary of the Treasury from requiring a payor of interest to file an information return on interest that is not effectively connected with a trade or business within the United States and that is paid to a nonresident alien on a deposit maintained at an office within the United States.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

A bill to prevent the Secretary of the Treasury from expanding United States bank reporting requirements with respect to interest on deposits paid to nonresident aliens.

Source: Congressional Research Service summary (Introduced in Senate)

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The strongest published arguments

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Rubio, Marco [R-FL] · 21 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

John Cornyn (R-TX), John Barrasso (R-WY), John Boozman (R-AR), Mike Lee (R-UT), Ron Johnson (R-WI), Rand Paul (R-KY), Roger F. Wicker (R-MS), John Thune (R-SD), James E. Risch (R-ID)

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (1)

Bill: A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-112s1506.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/112/s>

Record fed-us-cong112-s1506 · catalog fed-us-congress-bills-cong112 · updated 2026-11-15 by psicol fed-bills-cong112