Pelosi Statement on President Obama's Proposed Financial Crisis Responsibility Fee

Jan 14, 2010, 15:00 ET from Office of the Speaker of the House

WASHINGTON, Jan. 14 /PRNewswire-USNewswire/ -- Speaker Nancy Pelosi issued the following statement today on the announcement by President Obama that he will propose a Financial Crisis Responsibility Fee that would require the largest and most highly leveraged Wall Street firms to pay back taxpayers for the federal assistance provided, so that the TARP program does not add to the deficit:

"Over the last two years, Congress has taken extraordinary actions to stem the tide of financial collapse and to guarantee that America's families and businesses have access to the credit they need. In the TARP bill, Democrats insisted on fiscally responsible provisions that hold Wall Street accountable by requiring the financial industry to repay the taxpayer and recoup all TARP costs.

"Taxpayers must get their money back and the President's bank fee proposal helps ensure that they will. The Financial Crisis Responsibility Fee specifically implements protections added by Congress to the TARP legislation, which were designed to ensure that the industry repaid taxpayers once these institutions regained their financial footing. The fee will also help discourage Wall Street from taking excessive risks at the expense of Main Street.

"In December, the House passed the Wall Street Reform and Consumer Protection Act – the most comprehensive reform of our nation's financial system since the aftermath of the Great Depression. Wall Street Reform is founded on these same principles of fiscal responsibility – that the costs of any future failures by 'too big to fail' financial institutions would be covered not by the taxpayers, but by the financial industry. We will continue to take action to guarantee Americans don't pay the price for others' greed and help secure America's financial future."

SOURCE Office of the Speaker of the House