Time to Tax the Financial Speculators
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U.S. activists are hoping to see a shift in the administration’s position by the time Obama travels to Toronto in June for a summit with the leaders of the other G20 big economies. Americans for Financial Reform (AFR), a coalition of more than 200 labor unions, consumer groups, and other activist organizations, has been working to raise the profile of the issue in the media and on Capitol Hill and recently sent this letter to the president, urging his support. AFR is also working with other U.S. and international activists to coordinate pressure on key governments and the International Monetary Fund, which is carrying out a feasibility study of the issue at the G20’s request.
Taxing financial speculation won’t single-handedly prevent another crisis or solve the world’s climate and jobs crises. But for those of us who want the financial industry to serve people and the planet rather than dominate them, this is the most exciting reform under serious consideration on the world stage. And it is an idea whose time has come.