Obama Unveils New Bank Tax to Prevent ‘Excesses' of Wall Street

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President Obama proposes a new Financial Crisis Responsibility Fee or tax on the nation's major financial institutions until Wall Street compensates the government for the “extraordinary assistance” it has provided. “We want our money back and we're going to get it,” Obama says. Through this fee, to be collected by IRS, and broader reforms sought by the administration, the president says his goal is not to punish Wall Street firms, but to prevent the abuses and excesses that nearly caused the collapse of the financial sector. The size of the fee each bank owes would be based on its size and exposure to debt, so that the government recovers tax dollars while promoting reform of the banking practices that contributed to the financial crisis, Obama says.