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With the U.S. Treasury's $700 billion intervention bill -- commonly called the bailout bill -- nearing President Bush's desk for review and signature into law, a compelling question has risen in economic and taxpayer circles.

Given that the U.S taxpayer is funding the recovery, if not the bailout, of financial institutions and banks, are banks and financial institutions doing enough to show their gratitude to the people of the United States, the banking sector's lender -- and investor -- of last resort?

One standpoint argues they aren't, so says economist Richard Felson, and here's what Felson would like to see: In addition to equity stakes in each company that receives taxpayer assistance, the U.S Congress should require the company/bank to pay an annual fee to fund the administrative costs of a bank for low-income citizens and senior citizens.

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Should Congress start a 'U.S. Society Bank'? originally appeared on BloggingStocks on Thu, 25 Sep 2008 16:50:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bailout billbailout planbanking sectorbanksbudget deficitCongressFDICfinancial crisisnational debtsenior citizenstaxestaxpayersU.S. CongressU.S. Society BankU.S. TreasuryThu, 25 Sep 2008 16:50:00 EST