[Ed. – She really is out to destroy the country.]
Dubbed the “Wall Street Tax Act of 2019,” the legislation. would impose a tax on the purchase of most securities – including stocks and bonds – and on transactions involving derivatives. The tax would be about 0.1 percent of the value of the security or 0.1 percent of all payments made under the terms of a derivative contract.
The measure’s main sponsor is Oregon Rep. Peter DeFazio. Ocasio-Cortez’s involvement with the legislation was confirmed by FOX Business on Tuesday.
The bill aims to curb short-term speculative activity among high-frequency traders, which can have destabilizing effects on the market. In May 2010, for example, a so-called “flash crash”— said to be partially caused by selling among high-frequency traders – wiped out billions of dollars from stocks before prices recovered not long after.