The Financial Regulation Forum
bank tax
Disagreement with the EC over proposals to introduce a bank levy to fund resolution fund
27 May. The UK government and influential bankers are in disagreement with the European Commission over proposals to introduce a bank levy to fund a single European resolution fund. In its proposal, the EU sets out the case for a European resolution fund which would speed up decision-making if banks have problems. While the EU [...]
Snippet: Geithner makes the case for a bank tax
06 May. Timothy F. Geithner, the Treasury secretary, urged Congress to impose a 10-year, $90 billion tax on the largest financial institutions to recoup the costs of the 2008 bailouts. But he faced skeptical questions from lawmakers on the structure and purpose of the fee. The Obama administration proposed the tax, which it calls the [...]
Snippet: G-20 split on tax on banks
24 Apr. Bank taxes are one of the main issues policy makers are discussing this weekend at the G-20 finance ministers meeting, but officials say don’t expect more than a lot of talking–for now. Europe’s economy commissioner, Olli Rehn, says European Union countries are interested in the idea, but likely won’t have a common stance [...]
Snippet: IMF proposes bank taxes
21 Apr. Banks should face two new taxes to compensate taxpayers for the billions of pounds lost in the financial crisis, the International Monetary Fund has recommended. In a report sent to G20 nations, but yet to published, the IMF urged countries to impose a “financial stability contribution”, a levy for all institutions, and a [...]
Brown hails move on global bank tax
Gordon Brown on Sunday said the large economies were close to agreeing a global tax on banks that would cost the financial sector billions of pounds a year but played down expectations that a deal could be struck at the next Group of 20 meeting in June. The UK prime minister, who held talks with [...]
Heading off the next financial crisis – put a tax on finance
The blunt, sweeping rule that has received the most attention over the past year is the Volcker Rule. Named for the former Fed chairman and Obama adviser who has been pushing it, the rule would, among other things, prohibit traditional banks from engaging in proprietary trading — the buying and selling of stocks or other [...]
Bring back economic sanity
Financial regulation should help those in need and take from those who profited most from the excesses of the past decade The current economic crisis has caused widespread suffering, and the suffering is far from over. We welcome signs of recovery, but this will not end the need for continued sacrifice. A decade of irresponsible [...]
Snippet: Global bank tax near
11 Feb. Gordon Brown said the world’s leading economies were close to agreeing a global bank tax, amid hopes that a deal can be concluded at the G20 summit in Canada in June. Brown believes that opinion has shifted decisively in favour of a globally co-ordinated tax after President Obama’s move last month to raise [...]
Obama’s proposed tax on big banks
As taxes go, the Obama levy on US-based banks is rather a good one. Certainly better than the UK tax on bonuses. It seems entirely fair that banks should pay the US taxpayers’ bill for bailing out the financial system. This support not only saved the banks but is now ensuring that many are making [...]
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