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Originally published Tuesday, May 4, 2010 at 9:25 AM

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Geithner open to adding bank tax to financial bill

Treasury Secretary Timothy Geithner says he is open to including a new tax on large banks as part of a bill that would overhaul the nation's financial regulations, but he will defer to congressional leaders.

The Associated Press

WASHINGTON —

Treasury Secretary Timothy Geithner says he is open to including a new tax on large banks as part of a bill that would overhaul the nation's financial regulations, but he will defer to congressional leaders.

Sen. Chuck Schumer of New York wants to include the tax in the financial regulations bill. But the New York Democrat acknowledged Tuesday that most other senators oppose the approach, which could make the financial regulations bill harder to pass.

The bank tax, which President Barack Obama first proposed in January, would raise an estimated $90 billion over the next decade. Geithner said the tax is justified to recoup billions spent bailing out Wall Street.

If the tax is not included in the financial bill, it could be passed separately.

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