Geithner Defends Banking Risk Fee Before Senate

Law360, New York (May 4, 2010, 1:29 PM EDT) -- The Obama administration's proposed risk fee on the largest 1 percent of the nation's financial institutions is the fairest way to pay for the estimated costs of the Troubled Asset Relief Program, Secretary of the Treasury Timothy Geithner told the U.S. Senate on Tuesday.

Speaking before the Senate Finance Committee, Geithner said the proposed Financial Crisis Responsibility Fee would be applied over at least 10 years and would affect only institutions with more than $50 billion in assets that were also eligible for emergency assistance programs....
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