Majority Leader Reid & Minority Leader McConnell Opposing the Recent Bank Tax Proposal

The undersigned trade associations, representing thousands of U.S. businesses and millions of American jobs, are writing to express our strong opposition to the Administration’s proposal to impose a “Financial Crisis Responsibility Fee” or any other similar assessment targeted at financial institutions. The economy is still recovering from one of the nation’s worst financial crises and business credit availability and demand remains at very low levels. Likewise, financial companies continue to raise capital and repair balance sheets and a number will soon be subject to further enhanced capital standards, additional fees and assessments as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act).