by Calculated Risk on 1/14/2010 01:07:00 PM

From Treasury: Fact Sheet: Financial Crisis Responsibility Fee

Today, the President announced his intention to propose a Financial Crisis Responsibility Fee that would require the largest and most highly levered Wall Street firms to pay back taxpayers for the extraordinary assistance provided so that the TARP program does not add to the deficit. The fee the President is proposing would:

Require the Financial Sector to Pay Back For the Extraordinary Benefits Received: ...

Responsibility Fee Would Remain in Place for 10 Years or Longer if Necessary to Fully Pay Back TARP:

Raise Up to $117 Billion to Repay Projected Cost of TARP:

President Obama is Fulfilling His Commitment to Provide a Plan for Taxpayer Repayment Three Years Earlier Than Required: ...

Apply to the Largest and Most Highly Levered Firms: The fee the President is proposing would be levied on the debts of financial firms with more than $50 billion in consolidated assets ... Over sixty percent of revenues will most likely be paid by the 10 largest financial institutions.

There is much more detail at the link. The proposed fee would be 15 bps of covered liabilities per year.