Obama to Announce Fee on 20 Banks to Recoup TARP

Discussion in 'Wall St. News' started by ASusilovic, Jan 13, 2010.

  1. Jan. 13 (Bloomberg) -- President Barack Obama will announce his intention to impose a fee on more than 20 of the country’s largest banks and financial institutions to help recoup taxpayer bailout money and trim the federal budget deficit, an administration official said.

    The fees, expected to be spread over as many as 10 years, will be based on the leverage or amount of liability each firm has, said the official, who spoke on the condition of anonymity.

    Obama will outline his proposal to raise as much as $120 billion at an event at the White House tomorrow, according to the official who spoke on the condition of anonymity.