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For Release — Jan. 29, 2010

Business Council urges NY congressional delegation to oppose bank tax

ALBANY— “President Obama's proposed bank tax is an attack on New York's most important industry, financial services. The Business Council of New York State is urging our congressional delegation to oppose this tax,” said Kenneth Adams, president and CEO of The Business Council of New York State, Inc.

The “Financial Crisis Responsibility Fee” (FCRF) would impose a .15 percent tax on the “covered liabilities” of banks and other financial institutions.

“We urge our Congressional delegation to oppose the FCRF and instead find meaningful ways to enable Wall Street to fully recover. The financial services industry and federal government should work together to develop regulations and protocols to allow financial markets to function with appropriate transparency and efficiency while being sure to keep New York City as the financial capital of the world,” wrote Adams in a letter to the delegation.

“At a time when New York's most vital industry is just pulling back from the precipice, a tax hike of at least $117 billion dollars is the very worst message that the federal government can send,” concluded Adams.