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Letter to the Honorable Charles E. Grassley 1 (March 2010)

handle is hein.congrec/cbo9024 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE Douglas W. Elmendorf, Director U.S. Congress Washington, DC 20515 March 4, 2010 Honorable Charles E. Grassley Ranking Member Committee on Finance United States Senate Washington, DC 20510 Dear Senator: This letter responds to questions you posed about the President's proposal for a Financial Crisis Responsibility Fee: * Who would pay the fee? * What would be the impact of the fee on the stability of financial institutions and government outlays to cover future losses of those institutions? * What would be the impact of the fee on the availability of credit in general and for small businesses in particular? * What would be the impact of the fee on economic growth? * What are the estimated costs to the federal government of the Troubled Asset Relief Program (TARP) and the Federal Reserve's activities related to the financial crisis? * What is the overlap between firms that would pay the proposed fee and firms that generated losses for the TARP? The Congressional Budget Office (CBO) is working with the staff of the Joint Committee on Taxation (JCT) to analyze the proposal. Although the Administration has laid out the broad outlines of the proposal, it has not specified how comprehensive the definitions of assets and liabilities would be for the purpose of assessing the fee. Those definitions would affect which institutions were covered, how institutions would react to the fee, and what its incidence would be. www.cbo.gov

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