WASHINGTON Treasury Secretary Jack Lew reiterated the government's opposition to a tax on financial transactions, which would make banks pay for help in the financial crisis and is gaining steam in Europe.
"I think the design element you're describing is very problematic," Lew said in response to a question from Democratic Representative Richard Neal on the House Ways and Means Committee.
Eleven euro zone countries plan to introduce the tax next January, but little support has emerged on the other side of the Atlantic. Lew, who was testifying about the president's budget, said any tax that applies to transactions beyond a country's borders could cause difficulties.
(Reporting by Anna Yukhananov and Kim Dixon; Editing by Vicki Allen)