WHEREAS:
A financial transaction tax is a minimal tax on Wall Street trading in stocks, bonds, foreign currency bets, derivatives and other Wall Street financial products; and

WHEREAS:
Reckless Wall Street gambling cost Americans trillions in lost wages, savings and household wealth and has cost states billions in lost revenue; and

WHEREAS:
Short-term, high-frequency trading that rewards speculation and manipulation – instead of long-term economic growth – has led to failures in the financial and banking systems; and

WHEREAS:
A federal financial transaction tax of 0.03 percent could raise more than $350 billion over 10 years in the U.S., creating substantial revenue while, at same time, improving the operation of financial markets; and

WHEREAS:
A financial transaction tax would help reduce trading of complicated, risky financial products such as derivatives and discourage short-term investment strategies and other speculation that fueled the economy’s crash; and

WHEREAS:
A financial transaction tax would put Wall Street to work rebuilding Main Street to create jobs and support critical public services.

THEREFORE BE IT RESOLVED:
That AFSCME discourages the investment of our members’ retirement funds in assets that rely on high-frequency trading to generate investment returns; and

BE IT FURTHER RESOLVED:
That AFSCME urges Congress to approve a financial transaction tax that would decrease financial market speculation, discourage short-term trading and slow the growth of complex financial instruments; and

BE IT FINALLY RESOLVED:
That AFSCME will work with allies, including the AFL-CIO, Americans for Financial Reform, the Center for Economic and Policy Research, the Institute for Policy Studies and others, to pursue this goal.

SUBMITTED BY:
Lillian Roberts, Executive Director and Delegate
AFSCME District Council 37
New York

Maf Misbah Uddin, President
AFSCME Local 1407, District Council 37
New York