Taxing evil - Obama wants to tax banks for derivatives, commodity swap that caused 2008 economic crash

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Derivatives would face new transaction fees to pay for the U.S. Commodity Futures Trading Commission budget under a proposal President Barack Obama’s administration submitted to Congress.

The CFTC, starting in the 2014 fiscal year, would set a fee for futures, options on commodities, and swaps to fund the agency, according to the proposal that Democratic CFTC member Bart Chilton said the Office of Management and Budget sent yesterday to House and Senate lawmakers. Firms using the derivatives to hedge business risks would be exempt from the charges under the plan. Congress would need to pass legislation setting a fee before it could take effect.

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