Obama Budget Proposes $61 Bln ‘Crisis’ Fee on Wall St

WASHINGTON (MNI) – The Obama administration Fy’2013 budget
proposals sent to Congress Monday proposes a $61 billion “Financial
Crisis Responsibility Fee” on the “largest financial firms.”

The summary of the proposal follows:

Requires Wall Street to Pay Back the American Taxpayer. The
Presidents Budget proposes a $61 billion Financial Crisis
Responsibility Fee to be imposed on the largest financial firms in order
to compensate the American people for the extraordinary assistance they
provided to Wall Street, as well as to discourage excessive risk-taking.
Many of the largest financial firms contributed to the financial crisis
through the risks they took, and all of the largest firms benefited
enormously from the extraordinary actions taken to stabilize the
financial system. The Budget asks these firms to compensate Americans
for benefits they received from these actions and to recoup TARP costs.

** Market News International Washington Bureau: 202-371-2121 **

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