August 3, 2018

Pension funds cannot afford Sanders’ tax on financial transactions

Pensions and Investments

By Kirsten Wegner

July 23, 2018

Institutional investors continue to navigate a challenging landscape marked by geopolitical risks, low yields and sizable long-term obligations. Now, coming from Sen. Bernie Sanders, I-Vt., is another challenge posed by the so-called financial transaction tax included in the Inclusive Prosperity Act of 2017.

Mr. Sanders continues to mistakenly point to a FTT as a way of ensuring Wall Street “pays its fair share” toward low-cost colleges, accessible health care and increased regulatory budgets. But despite his belief that the FTT is a silver bullet, the reality is that any tax on institutions trading large volumes of securities would dramatically harm public and private pension funds that represent the interests of millions of American workers.

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“Due to the rise of high-frequency trading, investors both large and small enjoy a deeper pool of potential buyers and sellers, and a wider variety of ways to execute trades…investors now enjoy faster, more reliable execution technology and lower execution fees than ever before."

Arthur Levitt, former SEC Chairman

The Wall Street Journal, August 17, 2009

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