Rep. McHenry Says Financial Transaction Tax Would Hurt American Workers

The transcript covers discussions on the Financial Transaction Tax (FTT) and its potential negative impact on middle-class investors, highlighting the need for government review. It also addresses concerns about the transition from LIBOR to SOFR and its implications for financial stability. Additionally, the transcript touches on the ongoing trade negotiations with China and the impeachment process against President Trump, emphasizing the political dynamics involved.

What is a potential consequence of the Financial Transaction Tax (FTT) on average investors?

• It will have no impact on mutual funds.

• It will only affect the wealthiest individuals.

• It could lead to increased savings for retirement.

• It might require average investors to work additional years to compensate.

What is the main concern regarding the transition from Libor to SOFR?

• The transition will be seamless and without issues.

• Libor will continue to be used indefinitely.

• There are concerns about financial stability during the conversion.

• SOFR is already widely accepted and used.

What is the current status of the trade deal with China according to the transcript?

• China has refused to negotiate further.

• Negotiations are ongoing with no clear timeline.

• A deal has been finalized.

• The deal has been abandoned.

What is the speaker's view on the impeachment process against President Trump?

• It has been resolved and concluded.

• It has been ongoing since Trump's inauguration with no new developments.

• It started recently with fresh evidence.

• It is a new development with significant changes.