CHICAGO ( TheStreet) -- The Obama administration's proposed tax on the nation's largest banks could cause short-term pain for consumers, but potentially long-term gains for customers and small banks, says Chicago economist Mike Moebs.Last week, President Barack Obama presented a plan to help the government recoup the estimated $117 billion cost of the Troubled Asset Relief Program. The 10-year tax would impact intuitions with more than $50 billion in assets. Top banks, including Bank of America (BAC - Get Report), Goldman Sachs (GS - Get Report) and Citigroup (C - Get Report), could be hit with annual levies of $1 billion to 2 billion.
Bank Tax Could Benefit Small Lenders
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