Treasury Secretary urges Congress to add bank tax to financial reform

In testimony before the Senate Finance Committee, Treasury Secretary Timothy Geithner on Tuesday urged lawmakers to include the bank tax proposed by President Obama in the financial reform bill that is being considered on the Senate floor. 

"We believe this fee is an important complement to the financial reforms now on the Senate floor," he said in prepared remarks. "Those reforms will provide better protection for American families and businesses, require stronger limits on risk taking by large institutions, bring transparency and oversight to derivatives markets, and enable the government to break apart failing firms with no exposure to the taxpayer."