January 14, 2010
FOR IMMEDIATE RELEASE
CONTACT: William Tranghese (202) 225-5601
Congressman Richard E. Neal, Chairman of the Subcommittee on Select Revenue Measures, released the following statement today in response to the proposed “Financial Crisis Responsibility Fee” introduced by President Obama in an effort to reform the financial industry and reduce the federal deficit. According to the White House, more than $90 billion would be raised over 10 years with the introduction of the new fee which must be approved by Congress.
“When the largest financial institutions in our country were facing crisis in 2008, the generosity of the American taxpayer prevented their collapse. With these same banks now reporting record profits and awarding lucrative bonuses, I believe Wall Street has an obligation to pay Main Street back the money it is owed. From my perspective, President Obama’s proposal represents both fairness and shared responsibility,” said Congressman Richard E. Neal.
