Rep. Peter DeFazio is leading the effort to bring back a bill, titled the 'Wall Street Tax Act of 2019,' which slaps a tax on security transactions and could have a particular negative effect on high-frequency traders.
House Democrats are reintroducing their proposal of a financial transaction tax on stock, bond and derivative deals and this time they've signed on a key new supporter: left-wing firebrand Rep. Alexandria Ocasio-Cortez.
A spokeswoman for Ocasio-Cortez confirmed she is cosponsoring the bill. A spokeswoman for DeFazio noted that at least 12 others have signed on as cosponsors including Reps. Ro Khanna, Jim McGovern, Rosa DeLauro, and Pramila Jayapal. The last time DeFazio, the chairman of the House Transportation and Infrastructure Committee, tried to get a similar piece of legislation to the floor was in 2017 with the goal of avoiding another"flash crash." In May 2010, U.S. stock indexes plunged and then suddenly recovered in a matter of about 30 minutes. During the brief crash, the Dow Jones industrial average took a dive of 9 percent.
Other countries, such as Australia, Belgium, France, Italy, South Korea, Switzerland, and the United Kingdom, have already implemented similar taxes being proposed by DeFazio and Schatz. "It's scary," Scott Minerd, global chief investment officer for $265 billion Guggenheim Partners, told CNBC at the event."By the time we get to the presidential election, this is going to gain more momentum."
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