Friday, December 4, 2009
Democrats propose tax on large financial transactions
Sen. Tom Harkin of Iowa and Rep. Peter DeFazio of Oregon led a group of congressional Democrats in proposing to tax large financial transactions. The Obama administration remains cool to the idea, and the financial industry has voiced opposition. "As we've said before, a transaction tax on nearly all securities is the wrong policy at the wrong time. While we continue to work toward economic recovery and job creation, this legislation would severely undermine that effort," Kenneth E. Bentsen Jr., SIFMA's executive vice president for public policy and advocacy, said in a news release.
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