The New York Times
May 5, 2010
- A d v e r t i s e m e n t
Timothy F. Geithner, the Treasury secretary, urged Congress on Tuesday to impose a 10-year, $90 billion tax on the largest financial institutions to recoup the costs of the 2008 bailouts. But he faced skeptical questions from lawmakers on the structure and purpose of the fee.
The Obama administration proposed the tax, which it calls the Financial Crisis Responsibility Fee, in January, amid public anger over the bank bailouts. The tax is not part of the overhaul of financial regulations being debated by the Senate.
At a Senate Finance Committee hearing on Tuesday, officials from the American Bankers Association and the Financial Services Roundtable sharply criticized the proposal. While lawmakers did not reject the idea outright, some questioned its impact on consumers and small businesses, as well as the timing.
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