U.S. House Financial Services Committee members reintroduced a bill that would block states from imposing financial transaction taxes on, among other securities industry participants, stock exchanges and broker-dealers.

In a new whitepaper, SIFMA detailed the potential negative implications of legislation that would reimpose a New York State Stock Transfer Tax.

Representative Peter DeFazio introduced legislation that would levy a 0.03% tax on stock, bond and derivatives transactions in order to "discourage the same speculative financial trading that led to the 2008 Wall Street collapse and 2010 'Flash Crash.'"