| Law & Industry Daily
Published on: Monday, October 1, 2012

Nurses’ union backs Wall Street trading tax


WASHINGTON, Oct. 1, 2012 (LID) — Marking the fourth anniversary of congressional approval of the government’s landmark–and controversial–financial-services bailout of 2008, a coalition of unions and community groups say Tuesday they will press House Democrats to sign-on to a bill proponents say would tax Wall Street to help Main Street.

National Nurses United (NNU), the nation’s largest union of registered nurses, among other participants in the Robin Hood Tax Actions, plan to visit 18 congressional district offices in seven states, seeking House members’ pledges to join as cosponsors of the Inclusive Prosperity Act, H.R. 6411.

H.R. 6411, to-date, cosponsored by 10 Democrats, was referred Sept. 14 to the Republican-led House Committee on Ways and Means, where the proposal remains.

Introduced Sept. 14 by Rep. Keith Ellison (D-Minn.), H.R. 6411 calls for a tax on stock, bond, derivative and currency trading.

The nurses’ group NNU argues the sought-after “small sales tax on Wall Street speculation” would raise up to $350 billion a year “to rebuild Main Street communities as well as to fund international health, sustainable prosperity and environmental programs.”

NNU Co-presidents Jean Ross, Karen Higgins and Deborah Burger said the levy would help those harmed by Wall Street greed and malfeasance blamed for the near collapse of the U.S. financial-services sector and damage to other parts of the nation’s economy.

“The banksters got bail outs and bonuses while so many continue to struggle with the fallout from the reckless actions of Wall Street,” reads the NNU co-presidents’ announcement Monday night.

The Treasury Department’s Troubled Assets Relief Program (TARP) was established by the Emergency Economic Stabilization Act (Division A of Pub.L. 110-343), signed by President George Bush (R) in October 2008, following the bankruptcy of Lehman Brothers and the sale of Merrill Lynch to Bank of America (NYSE: BAC) on Sept. 15, 2008.

The EESA authorized the federal government to buy up to $700 billion in troubled assets from struggling financial institutions. The Dodd–Frank Wall Street Reform and Consumer Protection Act (Pub.L. 111-203; 124 Stat. 1376–2223) reduced the amount to $475 billion.

Additional Information:

Legislative information on the Inclusive Prosperity Act, H.R. 6411, is available on the Government Printing Office website, at http://www.gpo.gov/fdsys/search/pagedetails.action?packageId=BILLS-112hr6411ih.

More on the National Nursses United campaign is at http://www.nationalnursesunited.org/blog/entry/join-us-for-robin-hood-tax-actions-on-october-2nd.

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