FOR IMMEDIATE RELEASE
Elise Brooks, (202) 589-2427

Roundtable Opposes Financial Transaction Tax

Washington, D.C.—December 3, 2009—The Financial Services Roundtable strongly opposes a tax on financial transactions. Such a tax would be detrimental to the recovery of the economy, impacting all types of investors and stifling the inflow of capital.

“Nearly every American would be impacted by a new transaction tax, no matter how small it is,” said Steve Bartlett, President and CEO for the Roundtable. “It would reduce the investment accounts for all Americans and erect a roadblock to capital flowing into the system- thereby limiting job growth and productivity. The proposal will expose Americans to double taxation- once when they buy a share of stock and once when they sell it.  In short, the proposed transaction tax would harm the economy"

The Financial Services Roundtable represents 100 of the largest integrated financial services companies providing banking, insurance, and investment products and services to the American consumer.  Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO.

Roundtable member companies provide fuel for America's economic engine, accounting directly for $84.7 trillion in managed assets, $948 billion in revenue, and 2.3 million jobs.