President Obama this morning will propose Congress impose a “financial crisis responsibility fee” on large financial institutions that received government assistance, either capital from the Troubled Asset Relief Program or debt guaranteed by Temporary Liquidity Guarantee Program.
That’s broader than had been expected, and the fee – equal to 15 basis points of a company’s net liabilities – will apply to banks, thrifts, insurers and brokers with more than $50 billion in assets, a senior administration official said on a conference call Wednesday evening.
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