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"Let Wall Street Pay For The Restoration Of Main Street" Act

Floor Speech

Date: Dec. 8, 2009
Location: Washington, D.C.
Issues: Taxes Finance and Banking

"Let Wall Street Pay For The Restoration Of Main Street" Act

Ms. HIRONO. Madam Speaker, out-of-control financial speculation on Wall Street contributed to the deep economic hole we're in today. Taxpayers have paid the price, risking around $3 trillion to stabilize the financial system. Astonishingly, the top three bailed-out firms are reportedly on track to pay $30 billion in bonuses to top executives this year. In the meantime, furloughs, unemployment, and foreclosure are weighing on American families. Limited access to lending is still a problem for many small businesses.

It's time for us to institute a modest transaction tax on trades of stocks, options, and swaps. Even a small tax of a quarter percent on these securities could raise up to $150 billion a year. Part of this revenue should be used to invest in our Nation's infrastructure, creating jobs and putting Americans back to work again.

I ask my colleagues to support the ``Let Wall Street Pay for the Restoration of Main Street Act.'' Wall Street needs to be part of the solution, not an ongoing part of the problem.


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