Europe, U.S. move toward tax on large banks to cover rescues

03/29/2010 | Wall Street Journal, The

The U.S. and governments in Europe appear to be coming to the conclusion that a tax on major financial institutions to fund future rescues is a prudent move. However, there is variation in tax proposals and how the money would be spent. Sweden and Germany are looking to fund a "resolution authority" with the funds generated from a bank tax. France and other countries would assess a bank levy after a crisis. Officials in the U.S. are split between pre-funding a crisis fund and the post-crisis alternative.

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