Bank tax absent from Dodd bill

Senate Banking Chairman Chris Dodd (D-Conn.) on Monday introduced legislation to detect systemic risk within the financial community. He did not include the bank tax championed by President Obama whose primary aim is stopping financial firms from taking on too much risk. 

“I don’t have it in this bill,” Dodd said. 

Dodd’s committee does not have jurisdiction over tax policy, but that usually does not stop a chairman from working with the committee leader who has authority over the issue.   Dodd also did not offer his position on the president’s proposal. 

When Obama introduced his proposal, Dodd released the statement, “If it wasn’t for the American taxpayers, they would just be empty offices now. It’s time for Wall Street to return the favor.”