Obama urges 10-year bank tax

US President Barack Obama, fresh from a win on a sweeping overhaul of Wall Street regulations, urged the US Congress to take up his proposal for a $90bn, 10-year tax on banks as the next step in reform. Obama wants to slap a 0.15 per cent tax on the liabilities of the biggest US financial institutions to recoup the costs to taxpayers of the financial bailout.

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