Obama calls for bank tax as next step in reform
Reuters
By Caren Bohan
Sat Jun 26
TORONTO (Reuters) – President Barack Obama, fresh from a win on a sweeping overhaul of Wall Street regulations, on Saturday urged Congress to take up his proposal for a $90 billion, 10-year tax on banks as the next step in reform.
Obama wants to slap a 0.15 percent tax on the liabilities of the biggest U.S. financial institutions to recoup the costs to taxpayers of the financial bailout.
"We need to impose a fee on the banks that were the biggest beneficiaries of taxpayer assistance at the height of our financial crisis -- so we can recover every dime of taxpayer money," Obama said in his weekly radio and Internet address.
Obama, who is in Canada to attend gatherings with leaders of the world's biggest economies, also used the address to welcome a deal by congressional negotiators on a historic rewriting of U.S. financial regulations.
Obama hopes to tout the changes as a model for other countries at the Group of 20 summit on Saturday and Sunday.
(More here.)
By Caren Bohan
Sat Jun 26
TORONTO (Reuters) – President Barack Obama, fresh from a win on a sweeping overhaul of Wall Street regulations, on Saturday urged Congress to take up his proposal for a $90 billion, 10-year tax on banks as the next step in reform.
Obama wants to slap a 0.15 percent tax on the liabilities of the biggest U.S. financial institutions to recoup the costs to taxpayers of the financial bailout.
"We need to impose a fee on the banks that were the biggest beneficiaries of taxpayer assistance at the height of our financial crisis -- so we can recover every dime of taxpayer money," Obama said in his weekly radio and Internet address.
Obama, who is in Canada to attend gatherings with leaders of the world's biggest economies, also used the address to welcome a deal by congressional negotiators on a historic rewriting of U.S. financial regulations.
Obama hopes to tout the changes as a model for other countries at the Group of 20 summit on Saturday and Sunday.
(More here.)
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1 Comments:
out of control. there is no other way to describe the Obama Administration. Now they want to heap on more deficit spending as if we are not already in debt enough. Do any of you ever really tell your children 'if you get in to credit vard debt, the best way to get out of it is to sign up for more credit cards and max those out'. The only way we're going to be able to get out of this mess that Obama is exascerbating is to print money because economic growth in the private sector simply isn't going to happen and we can't borrow any more money because who is going to lend money to a government whose primary economic objective is income redistribution. I pray for the man or woman who follows Obama because that person is going to be given an economy that has no redeeming functionalities.
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