Obama Bank Fee Announcement Set For Thursday

U.S. President Barack Obama plans to announce his proposal to levy a fee on U.S. banks at a White House event Thursday at 11:45 a.m. EST, the White House said.

The time of the announcement had been unclear.

White House spokesman Robert Gibbs, speaking with reporters Wednesday, declined to provide specifics of the fee, which is designed to recoup up to $120 billion for the Treasury Department's Troubled Asset Relief Program.

Gibbs said White House economic officials have worked "for quite some time" on the structure of the proposed fee, taking into account concerns that consumers could ultimately bear the brunt of the proposal.

Read Full Article from CNNMoney.com

- Posted: 2010-01-13 12:18:53

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