Schumer Pushes Bank Tax
Financial regulatory reform uses multiple complex provisions to force banks to raise capital and lower risk. Today, Sen. Charles Schumer (D-N.Y.) offered his
Jul 31, 2020232.3K Shares3.5M Views
Financial regulatory reform uses multiple complex provisions to force banks to raise capital and lower risk. Today, Sen. Charles Schumer (D-N.Y.) offered his support for a blunter instrument: a bank tax.
“I think the administration’s proposal is a common-sense way to make sure that money should be repaid, and I believe it should be included in financial reform legislation to be considered on the Senate floor,” Schumer said today at a Senate Finance Committee hearing.
In January, President Obama proposed taxing big banks’ profits at 0.15 percent, both to pay for the multi-billion dollar cost of bailouts and to deter risk-taking. Today, Sen. Max Baucus (D-Mont.), the head of the Senate Finance Committee, said he would hold hearings on the proposal. But Sen. Chris Dodd (D-Conn.) has thrown wateron the idea of attaching the bank tax to the broader financial regulatory reform bill due to be taken up next week.
Rhyley Carney
Reviewer
Latest Articles
Popular Articles