Obama’s bank fee to hit 50 of the Biggest

Julianna Goldman Julianna Goldman – Thu Jan 14, 6:00 am ET

Jan. 14 (Bloomberg) — As many as 50 financial firms with assets greater than $50 billion each would be hit by a levy President Barack Obama will propose today to help recoup taxpayer bailout money and trim the federal budget deficit, an administration official said.

The levy based on bank liabilities would be imposed starting June 30 and the administration estimates it will raise $90 billion over a minimum of 10 years, said the official, who briefed reporters on the condition of anonymity.

Obama plans to outline the proposal late this morning at the White House and a more detailed plan will be included in the budget message he’s due to send Congress next month. The announcement comes as public anger is rising over the taxpayer bailouts of the financial and auto industries, Wall Street bonuses and the deficit, which hit $1.4 trillion last year.

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