This Act may be cited as the Foreign Remittance Accountability and Transparency Act.

(a) Study The Comptroller General of the United States (hereinafter the Comptroller General), in consultation with the Secretary of the Treasury (or the Secretary’s delegate), shall conduct a study on foreign government programs that facilitate Federal tax evasion. In conducting the study, the Comptroller General shall— (1) identify foreign programs explicitly designed to support remittance transfers from individuals in the United States, (2) determine whether programs identified in paragraph (1) bypass the tax laws or reporting laws of the United States and whether such bypass is intentional, and (3) identify the scope, financial volume, and policy implications of programs identified in paragraph (1). (b) Report Not later than 180 days after the date of the enactment of this Act, the Comptroller General shall submit to Congress a report that contains— (1) the results of the study required by subsection (a), and (2) policy recommendations for enforcement or regulatory responses to such results.