Obama Budget Likely to Include Bank Fees

The Obama administration will likely include a provision in next month’s budget that imposes fees on banks in an effort to make back some of the taxpayer money lost on the bailout and close the record deficit. Politico has it that a transaction tax is not on the table; while the Wall Street Journal notes that such a tax would require international cooperation. A tax on compensation is considered too easy to skirt. The goal is to structure a fee that newly flush banks can't pass on to still-struggling consumers.