Here are some links to some information on the Hire Act:
http://www.picassodreams.com/picasso_dreams/2010/03/hr-2487-capital-control-act-read-subtitle-aforeign-account-tax-compliance.html
http://www.goldandsilverexchange.info/IRS-money-grab.html
http://primapanama.blogs.com/_panama_residential_devel/2010/03/disturbing-new-us-law-aims-to-end-individual-foreign-bank-accounts.html
This is the actual "Hire Act" document:
http://primapanama.blogs.com/files/hire-act-of-3-18-10.pdf (Starts at page 27)