Banks and brokers can't hold/manage/transact securities (stocks and bonds) for a US taxpayer because of an SEC -- unless they are SEC regulated, which almost no

Banks and brokers can't hold/manage/transact securities (stocks and bonds) for a US taxpayer because of an SEC -- unless they are SEC regulated, which almost no one outside the US is. Therefore, us taxpayers are also much less profitable for them even if the FATCA requirements are all satisfied.