stocks, bonds, commodities, unit trusts, mutual funds, and derivatives such as futures and options. G20 financial transactions tax A G20 financial transaction tax (G20 FTT) was first proposed in 2008. A G20 proposal for a FTT to raise revenue to reduce global poverty and spur global economic growth failed to gain support at the 2011 G-20 Cannes summit. Nevertheless, French President Nicolas Sarkozy said he planned to still pursue the idea. According to Bill Gates, co-founder of Microsoft and a supporter of a G20 FTT, even a small tax of 10 basis points on equities and 2 basis points on bonds could generate about $48 billion from G20 member states or $9 billion if only adopted by larger European countries. United States financial transaction tax Different US financial transaction tax (US FTT) bills have been proposed in Congress since 2009. In that year, Nancy Pelosi, the speaker of the United States House of Representatives, as well as other Democratic members of Congress, endorsed a global (G20-wide) FTT, with the revenue raised in the U.S. to be directed to infrastructure, deficit reduction, and job creation. This proposal failed to win the support of the Obama administration, with Treasury Secretaries Timothy Geithner and Jacob Lew, as well as Larry Summers, opposing the idea. The Obama administration instead proposed a Financial Crisis Responsibility Fee. The main differences between various FTT proposals in Congress has been the size of the tax, which financial transactions are taxed and how the new tax revenue is spent. The bills have proposed a .025%–.5% tax on stocks, .025%–.1% tax on bonds and .005%–.02% on derivatives with the funds going to health, public services, debt reduction, infrastructure and job creation. The House of Representatives has introduced since 2009 ten different US FTT related bills and the Senate has introduced four. The bills in the Senate have been variously sponsored by Tom Harkin (D-Iowa) or Bernie Sanders (I-Vermont). The bills in the House have been variously sponsored by Peter DeFazio (D-Oregon), John Conyers (D-Michigan) or a number of other Representatives. The US FTT bills proposed by Rep. Peter DeFazio (D-Oregon) and Sen. Harkin (D-Iowa) have received a number of cosponsors in the Senate and House. The Let Wall Street Pay for the Restoration of Main Street Bill is an early version of their cosponsored US FTT bill which includes a tax on US financial market securities transactions. The bill suggests