Baucus expands witness list for bank tax hearing

Tuesday’s hearing will be the second of three that Baucus is expected to host as his committee looks to fulfill President Obama’s request to tax financial institutions that take extraordinary risks. Under the president’s proposal, firms with over $50 billion in assets would be subjected to the levy to help recover losses from the Troubled Asset Relief Program (TARP).  

Baucus convened the first bank hearing on Apr. 20 with the TARP’s program’s Special Inspector General Neil Barofsky to examine the broader effort to recoup TARP losses.  

Lawmakers at Tuesday’s hearing are expected to explore alternatives on how to structure the tax and hear from industry experts on how it could affect their businesses.