Bloomberg reports:
As many as 50 financial firms with assets greater than $50 billion each would be hit by a levy President Barack Obama will announce today to help recoup taxpayer bailout money and trim the federal budget deficit, an administration official said.
There's more:
Deposits covered by the FDIC and insurance policy reserves are being exempted to avoid placing a double fee on institutions, the official said.
General Motors Co. and Chrysler Group LLC, which also got government aid, would be exempt, as would smaller banks. The levy also won’t be assessed on Fannie Mae and Freddie Mac, the government-supported companies seized by regulators in 2008. The official said the administration concluded hitting Fannie and Freddie with the fee wouldn’t be in taxpayers’ interest.
Maybe if some institutions would hire more of John Dingell's relatives they could avoid the fee.
