Obama proposes fee for 50 largest financial institutions

President Barack Obama announced details of a proposed fee on about 50 of the largest financial institutions. The plan is to generate roughly $9 billion each year during the next 10 years or so by imposing a 0.15% fee on the firms' liabilities, not including insured deposits. The Financial Crisis Responsibility Fee was proposed to cover the cost of the Troubled Asset Relief Program. "We are concerned ... this tax will have a disproportionate impact on wholesale capital markets which support U.S. consumers through mortgages, home loans, student loans," said SIFMA President and CEO Timothy Ryan.

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