“Financial reform advocacy groups today are defending the White House’s proposed tax on big banks after top Republicans in Congress said it would hurt consumers.

“The President’s proposed fee on the largest banks’ liabilities is tiny, targeted and will not affect consumers, savings, lending, growth or jobs,” Better Markets President Dennis Kelleher said in a statement. “All this fee would do is make the handful of biggest banks bear some of the costs of their high-risk funding so that American families don’t have to pay after the next crash in bailouts, lost jobs, vanished savings, foreclosed homes, postponed retirements, costlier college educations and so much more.”

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Read the full Politico Pro: Whiteboard article by Zachary Warmbrodt here (Paywall).