Let Wall Street Pay for Wall Street's Bailout Act (H.R. 1068)

I received the following email reply from senator Ben Cardin:

Thank you fo r contacting me regarding the " Let Wall Street Pay for Wall Street's Bailout Act" (H.R. 1068) .

On February 13, 2009, Congressman Peter DeFazio (D-OR , 4th ) introduced the " Let Wall Street Pay for Wall Street's Bailout Act , " which would levy a 0.25 percent transaction tax on the sale and purchase of financial instruments such as stock, options, and futures. The bill would reinstitute a transfer tax that was in place in the United States from 1914 to 1966. The legislation is designed to raise approximately $150 billion a year in order to help pay for the $700 billion Troubled Asset Relief Program (TARP).

Over the past few months, I have heard from thousands of Marylanders who are struggling with the after shocks of the declining stock market . I agree with your concern that this legislation will detrimentally affect people who invest money in the stock market. Be assured that Members of Congress are working to find ways to improve economic conditions . In these difficult times, I am committed to working in a bipartisan manner to find effective legislative solutions to benefit working families, who have been hardest hit by the downturn.

Again, thank you for contacting me regarding this issue and feel free to contact me with any future concerns.