Tuesday
May042010
Treasury Secretary Geithner: Tax On Big Institutions Will Offset TARP Costs
Tuesday, May 4, 2010 at 3:01PM
By Justine Rellosa- Talk Radio News Service
Treasury Secretary Tim Geithner cast levying a tax on large financial institutions as a significant step in offsetting the costs incurred through the Troubled Assets Relief Program (TARP).
“This was an expensive financial crisis. It caused a lot of damage to our long term fiscal position,” Geithner said Tuesday during his testimony before the Senate Finance Committee.
Geithner explained that the affected firms are made up of those that have over $50 billion in assets and are eligible for emergency assistance programs.
“We thought the fairest way to do this was to apply the fee to the firms that contributed the most to the crisis.”
The tax will be collected throughout the decade and ultimately seeks to gather $90 billion.
Treasury Secretary Tim Geithner cast levying a tax on large financial institutions as a significant step in offsetting the costs incurred through the Troubled Assets Relief Program (TARP).
“This was an expensive financial crisis. It caused a lot of damage to our long term fiscal position,” Geithner said Tuesday during his testimony before the Senate Finance Committee.
Geithner explained that the affected firms are made up of those that have over $50 billion in assets and are eligible for emergency assistance programs.
“We thought the fairest way to do this was to apply the fee to the firms that contributed the most to the crisis.”
The tax will be collected throughout the decade and ultimately seeks to gather $90 billion.
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