The legislation proposes a tax of 0.03% on every stock, bond and derivatives contract traded.

This legislation replaces previous proposals made by Senator Harkin and Representative DeFazio in December 2009, S. 2927, the “Wall Street Fair Share Act” and H.R. 4191, the “Let Wall Street Pay for the Restoration of Main Street Act,” respectively.

In September 2011, the European Commission proposed a similar tax at a rate of 0.1% on trades of stocks, bonds and .01% on derivatives contracts. The G-20 will consider a global financial transaction tax during its November 3-4 meeting in Cannes.