March 23 2009 11:02 PM EDT

Senator Bob Corker (R-TN) and Rep. Jim Cooper (D-TN) respond to trader tax proposal

If you've received a response from your representative, email it using the box in the top left of this page and it will be posted here.

Along with 53,000 other concerned citizens, I filled out the form on the Rally Congress Trader Tax page. Today, and I'm not sure whether this is coincidence, Bob Corker and Jim Cooper responded in separate emails. To summarize, Bob Corker is on the Banking, Housing, and Urban Affairs committee and disagrees with the premise of taxing business transactions. He would most likely vote against this tax on principle. Jim Cooper's view is different in that he voted for the "recoupment clause" in the original TARP which represented intent that the financial sector is responsible for recouping losses to the taxpayer. He thinks a transaction tax is inappropriate for the moment, but notes it would only be "temporary." This says to me Jim Cooper would probably vote for an effort to tax the financial sector for its de facto debt to society, but not this particular one.

Response from Senator Bob Corker (TN-R)

Like you, I understand that our national economy grows and prospers when American families and businesses are able to make their own investment decisions. H.R. 1068 would impose a 0.25% tax on certain financial transactions that trading facilities make. The tax revenue from this legislation is meant to fund the cost of the Troubled Asset Relief Program (TARP), which was passed in 2008. This bill has been referred to the House Ways and Means Committee, and has yet to be introduced in the Senate.

I agree that placing a tax on trading facilities could negatively impact investors and deter individuals from participating in our financial markets. Rather than change the rules after the fact, we need to restore confidence to our financial system through a prescriptive and clear path forward. As a member of the Senate Banking, Housing and Urban Affairs Committee, I hope to continue working with members of the President's economic team to ensure all federal assistance funds are put to appropriate use.

Response from Representative Jim Cooper (TN -D)

As the economic crisis deepened over the course of the past few months, Americans have been calling for those responsible for our current situation to be held accountable. It is clear that Wall Street excesses have put Tennesseans in a very difficult position. With hundreds of billions of dollars being committed to stabilize the markets, taxpayers and members of Congress want to ensure that tax dollars are protected.

The legislation you mention would recover taxpayer dollars spent toward the TARP by temporarily charging the trading facilities a fee on securities transactions. I understand your concerns that H.R. 1068 may not be the best course of action to protect the taxpayers. I agree that now is not the time to impose a transaction fee. However, I did support the inclusion of a provision in the original TARP legislation called a "recoupment clause," which made clear congressional intent that the financial sector is ultimately responsible to recoup losses incurred by the taxpayer over time.