FIRST: the Financial Industry Regulatory Standard Tariff

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FIRST: the Financial Industry Regulatory Standard Tariff

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We, the undersigned petition the Government to introduce a fixed Financial Transaction tariff of $1 on the buy side only of all transactions on any exchange and on any registered security, including derivatives, with no exemptions possible.

The purpose of the tax would be to fund the regulation of the financial industry and to fund Consumer Protection in the financial industry. The tax would be for that purpose only and the government would not be able to divert the tax for other uses.

The goal is to help limit fruitless speculation, end high frequency trading, tighten regulations, curb abuses and fund enforcement and reform.

Sustained economic recovery requires first the restraining of the banks, reform of the financial system and the restoration of balance to the economy. We believe this is the FIRST step.

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