President Obama proposes fee for big financial firms
President Obama announced he would introduce a “financial crisis responsibility fee” as part of his budget. The fee is expected to target financial firms with more than $50 billion in consolidated assets and is expected to offset a projected $117-billion shortfall in TARP repayments over the next 12 years. The fee is meant to “place its heaviest burden on the largest firms that have taken on the most debt,” Treasury said. About 60 percent of fee revenues are expected to come from . . .
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