Obama Proposes Banks Take Their Turn at Paying Fees

January 13, 2010 /EIN PRESSWIRE/ – Is it the banks’ turn to pay transaction fees? It is if the Obama administration gets its way.

According to officials, the budget President Obama will submit next month will likely include new fees on banks in order to try to recoup costs from the $700 bailout.

Although the specifics are yet to emerge, the fee could be a one-time fee in which the dollar amount levied depends on the size of the bank or possibly a tax on financial transactions, charging the bank a fee each time stocks and derivatives are exchanged. The government could even tax bonuses, similar to Britain’s 50% tax on all bonuses above $40,000.

There are fears, however, that such fees would – once again – be passed on to consumers and that taxing a recovering sector could harm its recovery, despite all the bonuses banks are freely handing out.

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