) -- President Obama will look to levy a tax on about 50 of the nation's largest financial institutions to force them to reportedly pay about $90 billion to the U.S. government over 10 years.
Obama is expected to announce details of the "financial crisis responsibility fee" later Thursday morning.
According to the
, Obama plans to propose a levy of 15 basis points, or 0.15%, on the liabilities of the banks to make sure every dollar spent from the $700 billion Troubled Asset Relief Program to rescue the financial firms and automakers is either repaid or paid for.
A senior administration official told the
the tax would apply only to financial companies with assets greater than $50 billion. Some of the firms will be forced to pay the fee even if they didn't receive TARP funds or already paid back the funds they borrowed from the government.
Wall Street Journal
reports about half the 50 would be U.S. banks, including
Bank of America
American International Group
will have to pay the tax, but automakers
won't be subject to the levy,
reports. Other reports say
also won't be subject to the tax.
The fee needs approval from Congress.