Senators Baucus & Grassley Opposing the Recent Bank Tax Proposal
Published on:
September 16, 2010
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 (the “Dodd-Frank Act”).