RBDA Chief Executive Officer Mike Nicholas issued the following statement in response to the Obama Administration’s proposal to impose a special levy on approximately 50 large financial firms.
“The RBDA, as the voice for regional, middle-market securities dealers, strongly opposes this tax as it is presently constructed. Many of our members would be hit with this tax even though they did nothing to contribute to the financial crisis. In fact, not only did these dealers not contribute to the crisis, they helped ease the fallout by being among the very few firms that provided liquidity to the markets during its most trying times. This tax is patently unfair and represents bad public policy.”
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