Just call your Congressman or Congresswoman and tell them to repeal FATCA. It really is just that simple.
Getting rid of FATCA would do more to restore Forex Trading in the United States and open up avenues for US Trades to freely trade abroad of they so desired than anything else even remotely close to being inside the congressional field of view at this point. Repeal FATCA now and it would be like hitting the reset button on Forex in the US, as the same global field of FX intermediaries that service the world today, would then be able to openly serve US Traders as well.
It would not remove the need for any individual FX Trader to do their homework and select a good broker. That would still be a requirement. But, it would bring all of the better retail brokers back into focus in the US and that would be a brand new day for US based Retail Traders.
After taking the time to actually do the homework, I know there are some pretty descent retail brokers out there. Sure, they are retail and yes, they will act as counter-party to your trade is there is no liquidity to fill your order. But, not every retail broker has to behave like a typical “bucket shop” by jigging the price feed and hanging the platform from a rope, merely because they know a significant market move is pending.
If you want your industry back and the freedom to trade on whatever platform you desire, then you are going to have to fight for it and removing FATCA is the first and biggest step in that fight for US Trader.
Ironically, this could get done this year. Thus, there may still be a glimmer of hope for US Forex Traders in particular.