July 11, 2016

Rep. Peter DeFazio to Introduce Financial Transaction Tax to Curb Speculative Wall Street Trading

Rep. DeFazio to be joined by AFL-CIO, Americans for Financial Reform, Center for Economic and Policy Research, Communications Workers of America and Public Citizen

WHAT: Joined by representatives from the AFL-CIO, Americans for Financial Reform, the Center for Economic and Policy Research, the Communications Workers of America and Public Citizen, U.S. Rep. Peter DeFazio (D-Ore.) will introduce legislation at 1:15 p.m. Wednesday to curb speculative Wall Street trading.

Although much of the excessive risk on Wall Street is derived from high-volume, short-term speculative trading, which helped cause the 2008 Wall Street collapse and the trillion-dollar 2010 “flash crash,” these practices still flourish on today’s trading floors. DeFazio’s legislation will levy a .03 percent tax on most financial trades.

This tax, which will cost 3 cents for every hundred dollars spent, will discourage risky trading behaviors that put everyday Americans’ investments on the line and is expected to collect more than $417 billion in revenue in the next decade.

WHO: U.S. Rep. Peter DeFazio (D-Ore.)
Christopher Shelton, president, Communications Workers of America
Lisa Gilbert, director, Public Citizen’s Congress Watch division
Dean Baker, co-director, Center for Economic and Policy Research
Damon Silvers, director of policy, AFL-CIO
Lisa Donner, executive director, Americans for Financial Reform

WHERE: House Triangle (the grassy area on the south side of the U.S. Capitol, just north of Independence Avenue SE)

WHEN: 1:15 p.m. ET, Wednesday, July 13

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