Republican, Barney Frank, has proposed a new bill that will tax hedge funds and other financial firms, Pensions & Investments reports. A $2.5 billion charge will be imposed on hedge fund managers with over$10 billion in assets and financial firms with nearly $50 billion.
The tax will be levied to cover the costs of housing programs targeted for cuts. The money will be collected via risk-based assessments. Frank had proposed a similar levy in 2010 to cover the cost of the Dodd-Frank financial regulation law.
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