Saturday, June 26, 2010

Obama calls for $90 billion bank tax

U.S. President Barack Obama gestures prior to a 2010 G8 Summit 
photo with the ''My Summit 2010 Youth'' at the Deerhurst Resort at 
Muskoka in Huntsville, Canada, June 25, 2010. REUTERS/Saul Loeb/Pool 
Credit: Reuters

In Canada for the Group of 20 summit over the weekend, President Barack Obama called on Congress to pass a $90 billiion bank tax that will last for 10 years.   Congress has just approved the president's financial regulation package, and Obama looks at this as the next logical step in reining in Wall Street.

"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 address.

Germany, France and Britain have called for a global, one size fits all, bank tax, but many other G20 members including the U.S. have been less receptive of the idea.

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