Thanks to Coley for sending me this house bill that is being proposed by democratic congressman Pete Stark. The currency exchange tax will help with everything from global warming to HIV and child care. This should make the U.S. dollar even more competitive. Sign me up! Read the whole lame mess here.
Investing in Our Future Act of 2010
Why we need it;
Findings- Congress finds the following:
(1) While Wall Street continues to reap massive profits, the 2008 global economic crisis they helped cause has destabilized economies and impacted the budgets of the United States and impoverished nations, compromising the ability of governments to address pressing needs.
(2) Currency speculation has destabilizing impacts on the real economy and can contribute to financial crises.
(3) Millions of people around the world have been pushed into poverty because of the global financial crisis, through no fault of their own.
(4) The impacts of climate change, disease, and ill health undermine the economies of developing nations and their ability to contribute to a secure, stable world.
(5) Predictable, adequate, sustainable, long-term funding to address global health and climate change in developing countries at the scale needed does not currently exist.
(6) The United States has been a world leader in fighting against HIV/AIDS, Tuberculosis and Malaria and new science has shown that success against these major killers is possible within a generation, yet a greater commitment of resources is needed to save more lives.
(7) Additional investments are needed to increase the global health workforce and improve maternal and child health, reproductive health, and combat neglected tropical diseases in impoverished nations.
(8) Developing countries bear little responsibility for causing climate change, but they will be the most negatively impacted and lack the resources to adapt to and mitigate climate change.
(9) According to the Department of Defense’s Quadrennial Defense Review, global climate change could accelerate instability and conflict around the world and become a security threat for the United States.
(10) Global climate change has already begun to displace people and exacerbate competition and conflict over natural resources, increasing hunger, poverty and social inequities in developing countries.
(11) The Secretariat of the United Nations Framework Convention on Climate Change (UNFCCC) has estimated that by 2030 developing countries will require $176 billion annually in additional investment for climate change mitigation and the World Bank estimates that $75 to $100 billion is needed per year by 2050 for adaptation in developing countries.
(12) At the December 2009 UNFCCC climate negotiations in Copenhagen, the United States made a commitment to work with other nations to mobilize $100 billion a year by 2020 to help developing countries adapt to the impacts of climate change and mitigate emissions from climate change.
(13) There are approximately 15.3 million children in the United States under the age of 6 who require childcare while their parents work.
(14) Only one in seven children who are eligible for Federal, direct childcare assistance receives it.
(15) In the majority of States, the cost of childcare for a year is more than tuition at a four-year public university.
(16) Affordable and quality childcare is essential for working parents and is necessary for continued economic growth in the United States.
(17) Wall Street is enjoying a resurgence in profits and executive bonuses following the $700 billion Troubled Asset Relief Program bailout.
(18) In 2008, $4 trillion in daily currency transactions were undertaken, nearly 80 percent of which by a few major banks, without taxation.
(19) A small levy on currency would curb some speculative transactions, bringing greater stability into the currency market.
(20) To address the global impacts of the economic crisis, revenue from a small currency transaction tax should be invested to provide predictable, sustainable funding to address global health, climate change, and the lack of affordable childcare in the United States.
(21) Collection of a small tax would not disrupt legitimate trading in the currency trading markets and would have no significant impact on individual travelers or United States corporations doing business.
(22) The Secretary of State, Secretary of the Treasury, and the nations in the Organization for Economic Cooperation and Development should work together to implement a broader currency transaction tax to fund global health, poverty, and climate change initiatives.