President Obama Proposes Financial Crisis Responsibility Fee to Recoup Every Last Penny for American Taxpayers
President Obama Proposes Financial Crisis Responsibility Fee to Recoup Every Last Penny for American Taxpayers
WASHINGTON, DC- President Barack Obama will join his economic team today to propose a Financial Crisis Responsibility Fee to be imposed on the debt of the largest financial firms until the American people are fully compensated for the extraordinary assistance they provided to Wall Street.
“My commitment is to recover every single dime the American people are owed. And my determination to achieve this goal is only heightened when I see reports of massive profits and obscene bonuses at the very firms who owe their continued existence to the American people – who have not been made whole, and who continue to face real hardship in this recession,” said President Barack Obama. “That’s why I’m proposing a Financial Crisis Responsibility Fee to be imposed on major financial firms until the American people are fully compensated for the extraordinary assistance they provided to Wall Street.”
The fee will be in place at least 10 years, but even longer if needed to pay back every penny of TARP. This will not be a cost borne by community banks or small firms; only the largest firms with more than $50 billion in assets will be affected. In fact, 60% of the revenue will come from the 10 largest financial firms.
Fact Sheet on the Financial Crisis Responsibility Fee: http://www.whitehouse.gov/sites/default/files/financial_responsibility_fee_fact_sheet.pdf
The fee the President is proposing would:
· Require the Financial Sector to Pay Back For the Extraordinary Benefits Received: Many of the largest financial firms contributed to the financial crisis through the risks they took, and all of the largest firms benefitted enormously from the extraordinary actions taken to stabilize the financial system. It is our responsibility to ensure that the taxpayer dollars that supported these actions are reimbursed by the financial sector so that the deficit is not increased.
· Responsibility Fee Would Remain in Place for 10 Years or Longer if Necessary to Fully Pay Back TARP: The fee – which would go into effect on June 30, 2010 – would last at least 10 years. If the costs have not been recouped after 10 years, the fee would remain in place until they are paid back in full. In addition, the Treasury Department would be asked to report after five years on the effectiveness of the fee as well as its progress in repaying projected TARP losses.
· Raise Up to $117 Billion to Repay Projected Cost of TARP: As a result of prudent management and the stabilization of the financial system, the expected cost of the TARP program has dropped dramatically. While the Administration projected a cost of $341 billion as recently as August, it now estimates, under very conservative assumptions, that the cost will be $117 billion—reflecting the $224 billion reduction in the expected cost to the deficit. The proposed fee is expected to raise $117 billion over about 12 years, and $90 billion over the next 10 years.
· President Obama is Fulfilling His Commitment to Provide a Plan for Taxpayer Repayment Three Years Earlier Than Required: The EESA statute that created the TARP requires that by 2013 the President put forward a plan “that recoups from the financial industry an amount equal to the shortfall in order to ensure that the Troubled Asset Relief Program does not add to the deficit or national debt.” The President has no intention of waiting that long. Instead, the President is fulfilling three years early his commitment to put forward a proposal that would – at a minimum – ensure that taxpayers are fully repaid for the support they provided.
· Apply to the Largest and Most Highly Levered Firms: The fee the President is proposing would be levied on the debts of financial firms with more than $50 billion in consolidated assets, providing a deterrent against excessive leverage for the largest financial firms. By levying a fee on the liabilities of the largest firms – excluding FDIC-assessed deposits and insurance policy reserves, as appropriate – the Financial Crisis Responsibility Fee will place its heaviest burden on the largest firms that have taken on the most debt. Over sixty percent of revenues will most likely be paid by the 10 largest financial institutions.
Remarks By President Barack Obama On Recovery Efforts In Haiti
REMARKS BY THE PRESIDENT
ON RECOVERY EFFORTS IN HAITI
Diplomatic Reception Room
10:10 A.M. EST
THE PRESIDENT: Good morning, everybody. I’ve directed my administration to launch a swift, coordinated and aggressive effort to save lives and support the recovery in Haiti.
The losses that have been suffered in Haiti are nothing less than devastating, and responding to a disaster of this magnitude will require every element of our national capacity — our diplomacy and development assistance; the power of our military; and, most importantly, the compassion of our country. And this morning, I’m joined by several members of my national security team who are leading this coordinated response.
I’ve made it clear to each of these leaders that Haiti must be a top priority for their departments and agencies right now. This is one of those moments that calls out for American leadership. For the sake of our citizens who are in Haiti, for the sake of the Haitian people who have suffered so much, and for the sake of our common humanity, we stand in solidarity with our neighbors to the south, knowing that but for the grace of God, there we go.
This morning, I can report that the first waves of our rescue and relief workers are on the ground and at work. A survey team worked overnight to identify priority areas for assistance, and shared the results of that review throughout the United States government, and with international partners who are also sending support. Search and rescue teams are actively working to save lives. Our military has secured the airport and prepared it to receive the heavy equipment and resources that are on the way, and to receive them around the clock, 24 hours a day. An airlift has been set up to deliver high-priority items like water and medicine. And we’re coordinating closely with the Haitian government, the United Nations, and other countries who are also on the ground.
We have no higher priority than the safety of American citizens, and we’ve airlifted injured Americans out of Haiti. We’re running additional evacuations, and will continue to do so in the days ahead. I know that many Americans, especially Haitian Americans, are desperate for information about their family and friends. And the State Department has set up a phone number and e-mail address that you can find at www.state.gov — www.state.gov — to inquire about your loved ones. And you should know that we will not rest until we account for our fellow Americans in harm’s way.
Even as we move as quickly as possible, it will take hours — and in many cases days — to get all of our people and resources on the ground. Right now in Haiti roads are impassable, the main port is badly damaged, communications are just beginning to come online, and aftershocks continue.
None of this will seem quick enough if you have a loved one who’s trapped, if you’re sleeping on the streets, if you can’t feed your children. But it’s important that everybody in Haiti understand, at this very moment one of the largest relief efforts in our recent history is moving towards Haiti. More American search and rescue teams are coming. More food. More water. Doctors, nurses, paramedics. More of the people, equipment and capabilities that can make the difference between life and death.
The United States armed forces are also on their way to support this effort. Several Coast Guard cutters are already there providing everything from basic services like water, to vital technical support for this massive logistical operation. Elements of the Army’s 82nd Airborne Division will arrive today. We’re also deploying a Marine Expeditionary Unit, the aircraft carrier USS Carl Vinson, and the Navy’s hospital ship, the Comfort.
And today, I’m also announcing an immediate investment of $100 million to support our relief efforts. This will mean more of the life-saving equipment, food, water and medicine that will be needed. This investment will grow over the coming year as we embark on the long-term recovery from this unimaginable tragedy.
The United States of America will also forge the partnerships that this undertaking demands. We will partner with the Haitian people. And that includes the government of Haiti, which needs our support as they recover from the devastation of this earthquake. It also includes the many Haitian Americans who are determined to help their friends and family. And I’ve asked Vice President Biden to meet in South Florida this weekend with members of the Haitian American community, and with responders who are mobilizing to help the Haitian people.
We will partner with the United Nations and its dedicated personnel and peacekeepers, especially those from Brazil, who are already on the ground due to their outstanding peacekeeping efforts there. And I want to say that our hearts go out to the United Nations, which has experienced one of the greatest losses in its history. We have no doubt that we can carry on the work that was done by so many of the U.N. effort that have been lost, and we see that their legacy is Haiti’s hope for the future.
We will partner with other nations and organizations. And that’s why I’ve been reaching out to leaders from across the Americas and beyond who are sending resources to support this effort. And we will join with the strong network of non-governmental organizations across the country who understand the daily struggles of the Haitian people.
Yet even as we bring our resources to bear on this emergency, we need to summon the tremendous generosity and compassion of the American people. I want to thank the many Americans who have already contributed to this effort. I want to encourage all Americans who want to help to go to whitehouse.gov to learn more. And in the days ahead, we will continue to work with those individuals and organizations who want to assist this effort so that you can do so.
Finally, I want to speak directly to the people of Haiti. Few in the world have endured the hardships that you have known. Long before this tragedy, daily life itself was often a bitter struggle. And after suffering so much for so long, to face this new horror must cause some to look up and ask, have we somehow been forsaken?
To the people of Haiti, we say clearly, and with conviction, you will not be forsaken; you will not be forgotten. In this, your hour of greatest need, America stands with you. The world stands with you. We know that you are a strong and resilient people. You have endured a history of slavery and struggle, of natural disaster and recovery. And through it all, your spirit has been unbroken and your faith has been unwavering. So today, you must know that help is arriving — much, much more help is on the way.
Thank you very much, everybody.
MISSING IN HAITI: Families Searching For Loved Ones
This post is from family members looking for their loved ones missing in the aftermath of the Haiti earthquake. If you have any information, please contact immediately:
LOUISE LAMAND
A la Rue Jardine, Haiti
Contact: hiltonora@yahoo.com, 617-388-2829
LERINCE ANDREZIL
RENEL ANDREZIL
MARGERIE ANDREZIL
Port au Prince, Haiti
Contact: Edith Francois, 813-325-8933
Jean Marie Laguerre
Delma31 RU Magvana No 7
Contact: deia815@yahoo.com
Francisco Landrin
La Maison Restaurant
Roule – Claircine #27
Contact: Darline, Boynton Beach, FL
I am looking for my mother,a mother of 8, she travelled from canada to haiti about a month ago,she is supposed to have been in the place cazeau, delmas area in port-au-prince. If anyone has any information to call me at ,and her number in haiti is 3697 3348 or 3679 3314, i am also looking for my father, i believe he was in carrefour,port-au-prince at the time of the earthquake his number is 3472 9305,some of his close family are alfred francois,alphone francois, natasha francois, marlene francois, all lives in carrefour.My mother s sister Genese lafleur,does own a school in place cazeau,delmas , very close to where my mother lived, if any one has any information.My mother s brothers who also live very close to her are kilsaint lafleur, Narum lafleur, Berlamy lafleur.If anyone has any information.
Missing: Joeri Arion, 28 years. Lives in Amsterdam, the Netherlands.Stayed as a guest with mr.Pierre Noel Bien Aime at the in the district Carrefour in the city of Port-auPrince in the area Arcachoun.Have not heard anything form him since the earthquake. So have no idea where is is and if he”s safe. if anyone has seen or heard anything form him, please contact me at elaise@live.nl
Hi everyone, i am asking if anyone has seen my two brothers Harold and Daniel. Harold is the one on the left in the first picture and Daniel is the one on the right in the second picture. The guys had gone to a funeral in Lazile and we haven’t been able to hear from them since the earthquake occurred. So, if someone has either seen them or know about the situation in Lazile, please let me know. You can either e-mail me at lisaboussiquot@yahoo.com or call me at . My brothers’ numbers are 3461-51-80 and 3402-61-36.
We are looking for our mother/grandmother and other family members. Solange Michel is on the left, Gisele Alexis is in the middle, and Antonine Louis is on the right. We have not been able to make contact with any of the three. They are in the Butte Boyer, Croix Des Bouquets region. Any news would be appreciated. Please e-mail romicge@hotmail.com.
My family is looking for Marie Elvire Sylvain, She works at Bank Central (B&H). We have not been in touch with her at all. Does anyone know if the Bank Central Building is still standing? Has international help arrived in that area of Port-au-Prince? If you have any information about Elvire, please send an email to s_bonneannee@hotmail.com or post a comment on her facebook page.
Wildjine Dossous, 11 years old, Delmas 72 (colonie) Mme Milo 40 years old Demas 97 Wikil Dossous (black Funky) 40 years old Delmas 72 (colonie)Please Help us, We are in Montreal (Quebec) and can not get in touch with them sence the day the earthquake happened. If any body have news about the situatiion between delmas 95 and route de frere and ecole des soeurs de Margueritte d Youville at Petion Ville Please response.
Iam yves Horace, I am looking my parent in Haiti, port au prince, in delmas 24 citee cadet rue tessier # 35. The names of family are venante Charles my mom, my pierre-richard, Piquant Joseph, Luckne Demond, my sister Danielle Demond Clemont and Kesnel Clemont, Papouche, Daphnee. 011509-3691-2265, 011509-3460-5351,011509-3463-3145,011509-750-0129,011509-3407-0531.011509-3505-8860,011509-362-1700,011509-3632-1703. My address is 1153 17th ave north apt 3 lake worth 33460 561-503-5602 please contact me.
those are my my family live in haiti location carrfour cotes plage,rue titus any one have information about those pictures please let me know my #561 3520577my is suzie alexandre. Their mothers live in france.
My sister, her husband and their two young kids. They live in Delmas 60 Musseau impass tatas petit #8 a l’int. Please oh please help us find them so my mom and i can actually sleep at night. We have not heard from them since the day of the disaster in haiti. Any info at all please email me at murm09@gmail.com
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