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January 15, 2010

J.R. Reskovac

Sarah Strup

Appropriations- Budget

On Thursday, President Obama spoke about an item that will appear in his fiscal 2011 budget proposal intended to recoup money spent in the $700 billion bailout of the financial firm industry.

The fee is intended to raise $90 billion over the next decade from about 50 institutions, including banks, insurers and thrifts that hold assets of more than $50 billion.  More than 60 percent of the revenue will likely be paid by the 10 largest financial institutions, the White House said.  Senior administration officials said the plan would impose a tax on bank liabilities, defined by the administration as the difference between a firm’s total assets and its combined equity and insured deposits.