$19 billion risk levy will fund US financial reform

The US financial reform bill which cleared Congress this morning will include a $19 billion risk-based tax on major financial institutions, intended to cover the cost of the new regulations.

In an amendment introduced in the closing stages of the Senate-House conference early today, the Financial Stability Oversight Council - a new oversight body set up under the bill - would impose a capital charge on major banks and investment funds, to be collected by the Federal Deposit Insurance Corporation

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