On November 2nd, Senator Tom Harkin and Congressman Peter DeFazio introduced legislation that would institute a financial transactions tax on certain trading activities undertaken by banking and financial firms. The bill would place a tax of three basis points on most non-consumer financial trading including stocks, bonds and other debts, except for initial offerings. The tax would also cover all derivative contracts, options, puts, forward contracts, and swaps. The measure excludes debt that has an original term of less than 100 days. Harkin Press Release. See also Bloomberg.