Geithner: A bank tax based on profit would be less effective

Obama's proposal essentially places a tax on larger financial firms whose portfolios regulators determine are too risky. 

House tax-writers are supposedly looking to base their bank tax on profits, according to Senate Finance Chairman Max BaucusMax Sieben BaucusTop Lobbyists 2017: Hired Guns GOP tries to keep spotlight on taxes amid Mueller charges Clinton-Sanders tensions linger for Democrats MORE (D-Mont.).