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The American Bankers Association (ABA) reacted negatively late Monday to a part of the President's FY 2013 Budget which was released earlier in the day. The ABA issued a statement through its president and CEO Frank Keating that was strongly critical of a revenue raising measure that is aimed directly at the large financial institutions which ABA represents. The Financial Crisis Responsibility Fee , which is expected to raise $61 billion over its first ten years, is part of President Obama's $3.8 trillion budget which includes $350 billion for job creation and $476 billion for upgrades to the nation's transportation system. The fee is presented as a mechanism to recover funds dispersed under the Toxic Asset Relief Program (TARP) of 2008, which "bailed out" many financial institutions viewed...()

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Posted: 2012-02-14 15:56:00

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