Obama Reveals Banks Will Be Forced To Pay
January 14, 2010
“My commitment is to recover every single dime the American people are owed,” the president said, announcing his plan on a tax levy for banks.
“My determination to achieve this goal is only heightened when I see reports of massive profits and obscene bonuses at the very firms who owe their continued existence to the American people.”
The move is expected to be a popular one, after a great deal of outcry from the American people since the bailout awarded at the end of George W. Bush’s presidency, and continued in through Obama’s.
This “financial crisis responsibility fee” will apply to banks with more than $50 billion in assets.
It would force them to pay back money directly to tax payers, who were responsible for the payouts to banks that were often misused.
But there is some criticism about the length of time the amount will be taken out.
It is expected that the fees will be paid over a decade, packing less of a punch to the financial institutions, and perhaps not sending a strong enough message to discourage banks from doing it again.