Lawmakers to Propose Transaction Tax for Financial Firms Modeled on Europe – Phil Mattingly (Bloomberg)
November 1, 2011

“Two U.S. lawmakers will introduce measures to impose a transaction tax on financial firms that resembles a proposal released by the European Union.  Senator Tom Harkin, an Iowa Democrat, and Representative Peter DeFazio, an Oregon Democrat, will introduce the bills tomorrow in their respective chambers. The bills will give the United States an increased role in the international debate over a transaction tax, which is likely to be discussed at the Group of 20 summit this week in Cannes, France. The lawmakers have the backing of union groups and associations that fought for tighter regulations in the wake of the 2008 financial crisis. The AFL-CIO and National Nurses United, a professional association and union for nurses, have scheduled a rally in front of the Treasury Department on Nov. 3 in support of the fee.  Americans for Financial Reform, an umbrella group of unions, civil rights lawyers and consumer advocates, is circulating petitions in support of the measure.” Click here for more.