January 12, 2010

WASHINGTON - Congressman Spencer Bachus, the top Republican on the Financial Services Committee, issued the following statement regarding reports that the Obama Administration will propose a tax on financial institutions.

"There is no way the Administration can design a tax on financial firms that will not be passed on to consumers and investors in the form of higher interest rates and increased fees. The tax will only drain capital from the financial system at a time when it's needed to create jobs and fuel economic growth."