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Treasury Dep’t: How the 'Former-Zombie Bank Tax' Will Work

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This just hit my inbox, from the Department of the Treasury:

January 14, 2010
TG-506

Fact Sheet: Financial Crisis Responsibility Fee

Financial Crisis Responsibility Fee

Today, the President announced his intention to propose a Financial Crisis Responsibility Fee that would require the largest and most highly levered Wall Street firms to pay back taxpayers for the extraordinary assistance provided so that the TARP program does not add to the deficit. The fee the President is proposing would:

How the Fee Would Work

While more complete details of the proposed Financial Crisis Responsibility Fee will be released in conjunction with the President's budget, the basic outline of the fee is as follows:

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Levied on Only the Largest Financial Firms with the Most Leverage

Covered Liabilities = Assets - Tier 1 capital - FDIC-assessed deposits (and/or insurance policy reserves, as appropriate)

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