Geithner faces criticism on bank tax

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US Treasury secretary Tim Geithner faced criticism over the Obama administration’s plan for a levy on banks at a hearing of the Senate Finance Committee on May 4. The proposed levy, which would take effect from June 30 this year, is designed to recoup the cost of bailing out firms under the Troubled Asset Relief Program (Tarp). Firms covered by the charge would have to pay 0.15% of liabilities a year, excluding any Tier I capital, insurance reserves or federally insured bank deposits. I