Politics & Government

N.C. Rep. Miller says if GOP fights bank tax, they're hypocritical

U.S. Rep. Brad Miller predicted on Huffington Post that the GOP won't like President Barack Obama's tax on banks.

But, he says, the GOP had the exact same idea a few years ago.

Obama has proposed the fee on big banks in order to recover about $120 billion that the federal government expects to lose through TARP, the Toxic Asset Recovery Program bank bailout, Miller writes on the blog.

Miller, a Raleigh Democrat, is a member of the House Financial Services Committee.

In his post, Miller says Republicans proposed something similar to Obama's proposed tax years ago when they were trying to rein in Fannie Mae and Freddie Mac, two lending agencies backed by the federal government.

"The big banks are now fiercely fighting the very limitations that they urged for Fannie and Freddie a decade ago," Miller writes.

Miller argues that Obama's tax would level the playing field between big banks and community banks, much as the GOP's proposed "user fee" would have done between big banks and Fannie Mae and Freddie Mac a decade ago.

"So if we just call President Obama's too-big-to-fail tax a 'user fee' instead, will the idea have bipartisan support?" Miller asks. "Don't count on it."

To read the complete article, visit www.newsobserver.com.

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