CNSNews.com - U.S. Chamber CEO Calls Obama's Plan to Tax Bank Transactions ‘Bad Idea’

CNSNews.com - U.S. Chamber CEO Calls Obama's Plan to Tax Bank Transactions ‘Bad Idea’: "(CNSNews.com) – Tom Donohue, CEO of the U.S. Chamber of Commerce, said the Obama administration’s plan to tax bank transactions to recoup some of the $364 billion in TARP funds used to bail out the U.S. financial sector is misguided.

“It’s a bad idea,” Donohue told CNSNews.com at a news conference following his State of American Business address at the Chamber’s headquarters in Washington, D.C., on Tuesday.

“The interesting thing about the suggestion of some form of tax or another on bank transactions, the immediate thing they say is, ‘don’t pass it on to consumers,’” Donohue said. “If you know anything at all about how business works – every kind of business – it would be helpful."