White House considers new levy on banks


The White House is considering a levy on financial institutions to recoup TARP losses. According to a senior administration official President Obama is considering seeking a change in law to help recover the tax dollars big banks received in 2008 as part of the Troubled Asset Relief Program.

"The President has made a commitment to the American people that he will recoup their investment in the financial industry. While we have made great progress in recouping a large portion of the investment, consistent with the law, the President will propose a way to recoup additional funds and one of the options is a levy on financial institutions."