Editor’s note: I received this request today from the Institute for Policy Studies, to support the “Investing in Our Future Act of 2011,” a bill that would “put a levy on foreign currency transactions to curb short-term speculation while generating revenue for U.S. deficit reduction and for global public goods like climate change programs.”
“While millions of ordinary families are still suffering the effects of the global economic crisis, it’s fat bonus time again on Wall Street. The top 25 banks doled out a record $135.5 billion in pay last year.
Around the world, momentum is growing for one way to help curb the casino economy. It’s a tiny tax on trades of stock, derivatives, currency and other financial instruments and it makes the high rollers most responsible for the financial crisis pay.
A financial speculation tax would increase the cost of high frequency trading enough to discourage the most dangerous behaviors. It would make Wall Street financiers – who crashed the global economy, yet continue to make huge profits – help pay for global public goods.
This week the Institute for Policy Studies is joining with labor, environmental, faith-based, and other citizens organizations to support a bill just introduced in Congress calling for one form of a financial speculation tax.
The Investing in Our Future Act of 2011, sponsored by Rep. Pete Stark (D-CA), would put a levy on foreign currency transactions to generate revenue for initiatives such as U.S. deficit reduction, mitigating the effects of climate change, and improving global health.
You can add your voice by urging your member of Congress to co-sponsor this bill. Wall Street caused the financial crisis. They should pay for the recovery.
