Obama proposes bank tax

in Banks
January 14th, 2010

generic bank buildingTo recoup taxpayer losses fom the Wall Street bailout, President Obama is proposing taxing about 50 big banks and major financial institutions for at least the next decade.  Former deputy Comptroller of the Currency Robert Bench, now a senior fellow at the BU Law School’s Morin Center for Banking and Financial Law, says payback is needed, but it should be separated from Treasury funds.

“The scheme should be an industry financed process, not a tax-code process. We want to separate the taxpayer as much as possible by keeping the resolution fund separate and distinct from general Treasury monies.”

Contact Robert Bench, 617-353-5428, bobbench@bu.edu

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