Bank of Montreal disclosed in its first-quarter profits Tuesday that it will be whacked by the Obama administration's proposed bank tax if the plan becomes a reality.
"U.S. legislators have proposed charging a Financial Crisis Responsibility Fee on U.S. financial institutions that have assets exceeding a certain threshold," the bank said. "As currently proposed, this levy would apply to some or all of our U.S. operations. It is unclear whether the proposal will be passed into law in its current form, if at all."