WKYT | Lexington, Kentucky | News

AP source: Obama to propose bank fee tomorrow

WASHINGTON (AP) - A senior administration official says President Barack Obama is ready to announce an administration plan to recover Wall Street bailout shortfalls with a bank fee on the country's biggest financial firms.

The announcement is expected tomorrow. The official was not authorized to discuss the fee publicly.

The official said the fee would be designed to recoup as much as $120 billion. That's the most administration officials expect to lose from the government's $700 billion Troubled Asset Relief Program that bailed out banks, automakers and other financial firms.

Most of the TARP losses are expected to come from auto industry rescues and the bail out of insurance conglomerate American International Group Inc.

Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus


2851 Winchester Rd. Lexington, Ky 40509 859-299-0411 - switchboard 859-299-2727 - newsroom
Register for Email
RSS Feeds
Copyright © 2002-2015 - Designed by Gray Digital Media - Powered by Clickability 81316917 - wkyt.com/a?a=81316917
Gray Television, Inc.