Burton G. Malkiel, a Princeton University economics professor, and George U. Sauter, managing director and chief investment officer at Vanguard Group, explain that the "Let Wall Street Pay for the Restoration of Main Street Act" would have unintended consequences and would hurt long-term investors. Malkiel and Sauter say a proposed tax on financial transactions likely would hurt market liquidity. "It is hard to imagine a piece of legislation that would have more damaging unintended consequences," they write.

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