Obama to propose new bank fee - Spokane, North Idaho News & Weather KHQ.com

Obama to propose new bank fee

WASHINGTON. - President Barack Obama is set to announce a new 10-year tax on the country's largest banks.
     
Officials are calling it a "financial crisis responsibility fee." It's seen as an effort to cover a projected $117 billion shortfall in the $700 billion Wall Street bailout fund.
     
A senior administration official says the levy would apply to financial companies with assets of more than $50 billion, or about 50 firms. These firms would have to pay even though many didn't
accept any taxpayer help and most of the others have paid back their federal loans.
     
The bank tax would generate an estimated $90 billion over 10 years. Congress would have to approve it first.

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