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| Version 2 | Version 3 |
|---|---|
| Obama to outline $90bn bank tax | Obama to outline $90bn bank tax |
| (30 minutes later) | |
| President Barack Obama is expected to announce plans for a new tax to be levied on bailed-out US banks later. | President Barack Obama is expected to announce plans for a new tax to be levied on bailed-out US banks later. |
| The fee is designed to recoup $90bn (£55bn) that US taxpayers are expected to lose from bailing out the banks during the financial crisis. | The fee is designed to recoup $90bn (£55bn) that US taxpayers are expected to lose from bailing out the banks during the financial crisis. |
| It comes ahead of the latest reporting season on Wall Street, with banks expected to report record bonuses. | It comes ahead of the latest reporting season on Wall Street, with banks expected to report record bonuses. |
| The tax, described by officials as a "financial crisis responsibility fee", would be imposed over 10 years. | The tax, described by officials as a "financial crisis responsibility fee", would be imposed over 10 years. |
| However, it is not yet clear how the fee will be levied. | However, it is not yet clear how the fee will be levied. |
| Retrospective action | Retrospective action |
| Reports suggest that Mr Obama will charge banks based on their assets or profits, rather than targeting bankers' bonuses specifically as in the UK and France. | Reports suggest that Mr Obama will charge banks based on their assets or profits, rather than targeting bankers' bonuses specifically as in the UK and France. |
| There is a neat logic to the Obama approach Robert Peston, BBC business editor Peston: Obama bashing the banks | There is a neat logic to the Obama approach Robert Peston, BBC business editor Peston: Obama bashing the banks |
| The BBC's business editor Robert Peston suggests that banks could be charged depending on their reliance on wholesale finance - money provided by other banks and financial institutions. | The BBC's business editor Robert Peston suggests that banks could be charged depending on their reliance on wholesale finance - money provided by other banks and financial institutions. |
| The tax would amount to a retrospective bill for some of the taxpayer assistance received by these banks. | The tax would amount to a retrospective bill for some of the taxpayer assistance received by these banks. |
| Officials have been quoted as saying that the move will apply to financial firms with at least $50bn in assets. | |
| About 50 such firms operate in the US. Some 35 of them are US-based and about 15 are US subsidiaries of foreign companies. | |
| "I would therefore expect the US arms of Barclays, Royal Bank of Scotland and UBS to be caught by the tax," says our business editor. | |
| The US government spent more than $250bn bailing out the country's banks during the financial crisis through its Troubled Asset Relief Programme (Tarp), but much of this money has since been refunded. |