Sen. Tom Harkin, D-Iowa, and Rep. Peter DeFazio, D-Ore., plan to introduce legislation to impose a tax on financial transactions. The bill would put the U.S. in the middle of an international debate over financial-transaction taxes, which have also been proposed in Europe. "It's a significant way to raise some needed revenue," Harkin said. "Quite frankly, I bet nobody would even feel it." SIFMA believes the arguments against such a tax are strong and well-known. Read SIFMA's position.

Related Summaries