Temper Tantrum boy was probably cancelled. Back to the topic, I get the sense we are entering a stage of class warfare. I don't think retail trading backed by social media can be put back into Pandora's box. It's out and can't be stopped. The 1%ers are trying to shut down the small guys who inflict pain on them at the moment. The gravy train must continue for the top elite. I hope nobody here is naive enough to believe that a financial transaction tax would impact hedge funds or the wealthy. They will legally carve out an exemption for themselves. Always happened in the past. That is the issue that really upsets me. Remember all those secret exchange order types that only a select elite had access to? Or specific exchange data that could be purchased not just for money but one must be a "qualified exchange member"? If the fft applied to everyone regardless then it would not be such a bad thing. Retail would adopt in the same way big players adopt to changing regulations. But what really upsets me and probably many others is the constant carve outs that pros receive while the middle class is raped on all ends.
Omar proposes tax on trades in response to GameStop stock: https://thehill.com/homenews/house/536392-omar-proposes-tax-on-trades-in-response-to-gamestop
You're talking about conservatives trying to either nationalize "big tech" or close it down, because they're too lazy or not smart enough to build their own servers/security systems/infrastructure to simply compete? Listening to the CEO of Parler whine about how Amazon should be forced to give him server space because he can't build his own servers and Cloudflare should be forced to provide him security services because he can't build his own and on and on. IT'S NEVER ABOUT BUILDING THINGS, is it? By the way, I'm someone I'm sure you'd consider a raging liberal. I've built two successful companies from scratch and created now a couple hundred jobs. Curious what you, personally, have built, given you care so much about it you feel the need to shout?
From the piece: The agency that oversees U.S. markets could pursue a litany of rules, ranging from a cap on the level of short interest on a specific security to aggressive taxes on short-term trading, according to Bank of America Merrill Lynch. I don't think the SEC would have the ability to hike trading taxes all by themselves. I think any tax hike (trading tax) would have to be approved by congress.
You are correct that an actual "tax" would need congress. A "fee" however can be implemented by an agency or entity with minimal approval. Governmental and/or industry peer winks and nods not withstanding.
Gamestop sage revives calls in Congress for a financial transaction tax: https://finance.yahoo.com/news/game...or-a-financial-transaction-tax-193958841.html
That is actually incorrect. Any fees absolutely have to have statutory authority. The Section 31 fee levels, for example, are set by formula that is specifically laid out in, you guessed it, Section 31 of the Securities and Exchange Act. The SEC doesn't have any discretion to change it outside of the listed formulas, and they don't have any other statutory authority to impose additional fees. There are certainly laws that grant some agencies broad latitude to set fees. However no agency imposes fees unilaterally without legislation enabling them and the laws the SEC operates under does not grant them that latitude.