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Conference Call Briefing: Financial Industry Support for Financial Speculation Taxes

Submitted by on June 20, 2012 – 3:25 pm

Conference Call Briefing

Financial Industry Support for Financial Speculation Taxes

Financial professionals will discuss

how transaction  taxes would help put the brakes on Wall Street’s speed demons

 Thursday, June 21, 10:00am EDT

Listen to the recording of the call here.

Washington, DCAmericans for Financial Reform will co-host a briefing call on Thursday, June 21, 10:00-11:00 am EDT to discuss growing support – including within the financial industry – for speculation taxes on financial transactions. 

 On the 21st a group of more than 50 financial professionals will release a letter in support of such taxes.  On the conference call, endorsers of the letter will discuss how a small tax, at a fraction of a percent on trades of stocks, derivatives, and other financial instruments, could improve the functioning of markets.  Because the tax is applied to each transaction, it would encourage longer-term productive investment as well as raise significant revenue.  Embargoed copies of the financial industry letter are available on request.

Speakers will also provide an update on recent developments in Europe.  Germany, France, and several other governments are supporting a European Commission proposal for a tax of. 0.1% on shares and bonds trades and 0.01% on derivatives trades. On June 22, EU finance ministers are expected to vote on the proposal.

The following Americans for Financial Reform member organizations are co-hosting the conference call:  AFL-CIO, Center for Economic and Policy Research, Institute for Policy Studies, and Public Citizen.

WHO:

Wallace Turbeville, Fellow, Demos, and former Vice President, Goldman Sachs

  • Leo Hindery, Jr., Managing Partner, InterMedia Partners, LP, a media industry private equity fund
  • Professor Lynn A. Stout, Distinguished Professor of Corporate and Business Law, Clarke Business Law Institute, Cornell Law School
  • Sarah Anderson, Global Economy Project Director, Institute for Policy Studies
  • U.S. Representative Peter DeFazio

Moderator:  Lisa Donner, Executive Director, Americans for Financial Reform

WHEN:

Thursday, June 21, 10-11:00 am EDT