Friends of the Earth announces strong support for Rep. Pete Stark's proposed financial transactions tax

An idea gaining popularity around the world -- placing a miniscule tax on financial speculation in order to fund urgent priorities -- has come to the United States in the form of legislation introduced in Congress today by Representative Pete Stark (D-Calif).

The legislation, called "The Investing in Our Future Act of 2011" (H.R. 755) would place an extremely small tax (0.005 percent) on currency transactions of more than $10,000 in order to generate funding to address climate change and reduce the federal budget deficit. Bill sponsors estimate that the micro-tax could generate about $5 billion per year.

"This bill is a win-win proposition-it will tax Wall Street speculation while generating funds that we can use to pay down the debt and respond to the climate crisis," said Michelle Chan, director of economic policy at Friends of the Earth. "The United States is responsible for more climate pollution than any other country, and this proposal would help us meet our moral obligation to assist poor countries as they respond to climate change impacts. We appreciate the leadership Rep. Stark is showing by introducing this measure, and urge other members of Congress to cosponsor and support it."

Members of the public can ask their representatives to support the bill at http://action.foe.org/p/dia/action/public/?action_KEY=5917