The Obama administration is set to announce new fees on banks and financial institutions in order to recover taxpayer money used to bailout the nation’s banks during the recession. Given the size of America’s debt, there is also an urgent need to trim the yearly deficits.
The fees, expected to be spread over as many as 10 years, will be based on the leverage or amount of liability each firm has, the official said, who spoke on the condition of anonymity.
Ã¢â‚¬Å“The politics on this is really quite easy,Ã¢â‚¬Â said Doug Elliott, a fellow at the Brookings Institution in Washington and a former managing director at JPMorgan Chase & Co. Ã¢â‚¬Å“The public would be supportive of anything up to shooting and burning the bankers.Ã¢â‚¬Â
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