Kevin Reed, Accountancy Age, Friday 25 June 2010 at 14:54:00

US banking reform plans include a $19bn levy

A proposal to reform the US banking system could hit the financial institutions with a $19bn (12.7bn) levy.

The US congress has agreed to reform the banking sector: banks will only be able to make limited investments in hedge funds and private equity, while the levy could bring in billions over the next five years, reported the Times.

Further reading:

Success of bank levy scheme hangs on G20

Emergency Budget: Bank levy will raise 2bn

Banking reform report: "fundamental questions" about purpose of audit