Congress Moves Closer to Bank Tax

On May 4, the Senate Finance Committee held its second hearing on the Financial Crisis Responsibility Fee. This fee, a tax on certain financial institutions, is intended, according to testimony from Treasury Secretary Geithner, to "tax risk" and motivate banks that are impacted by the tax to...

New Financial Institution Taxation, Compliance Measures in Force

Banks and financial institutions face a host of new taxation and compliance standards in the wake of distressed economic conditions and Treasury's movement to drive enhanced transparency. Measures in place or pending include: Proposed Fee on Liabilities of Large Banks . A proposed fee on liabilities...