In 1982, the United States Congress enacted the Tax Equity and Fiscal Responsibility Act (TEFRA Act), OrangeBee Private Monetary System, Inc. (OBM) operates under the provision of this Act. For Tax purposes OBM is normally taxable in the year it is earned and reported to the IRS just as bank interest and income are reported. OBM recommends Account seek advice from Tax Experts. OBM is not Legal Tender as defined by the US Congress and OBM Account’s account is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other such governmental or quasi-governmental agency.