President Obama has now called on Congress to tax the largest banks to make sure that U.S. taxpayers don't lose a single penny from the federal bailout of the financial, auto and insurance industries over the past year. The "financial crisis responsibility fee" would target major institutions. Those who were the main contributors to the financial crisis and the most significant beneficiaries of the actions taken by the Federal Reserve and the Treasury Department.
Full details of how the measure would work will be part of Obama's proposed 2011 budget, which will be released next month. The news comes as banks are getting ready to hand out huge bonuses. The treasury has already recovered the majority of the funds.
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