MN Congressman Ellison introduces Financial Transaction Tax bill to U.S. House

Minnesota Rep. Keith Ellison introduced a bill in Congress this week that would restore a tiny tax on Wall Street trades – a “Financial Transaction Tax” or FTT also called the Robin Hood tax in some circles, including by the Nurse’s union that has been pushing on behalf of the middle class.

The effect will be to reduce the risk of another crash while returning some money to the federal budget, by imposing a tiny tax each time stocks are traded. While this represents a negligible impact on any one trade, the overall impact will make super-high-volume traders think twice, and restrain the churning that does nothing for the economy as frenzied, risky, computer-driven trades (including speculation in food and fuel markets, where bets on these essentials are causing spikes in prices and serious shortages) have at least some pressure the other way.

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