On Wednesday, Rep. Keith Ellison (D-Minn.) introduced the Inclusive Prosperity Act (H.R. 1579), which would create a financial transaction tax that would raise billions of dollars in new revenue. The tax is similar to one that existed in the United States until 1966 and that is levied in 40 countries around the world. Another 11 countries are currently considering joining them.

‘This is a huge day,’ Rep. Ellison announced at a press conference within view of the Capitol. ‘This is a small tax on Wall Street transactions to meet the needs of our nation. Didn’t America step up to the plate when Wall Street needed help? It will reduce harmful market speculation. Gambling on Wall Street does not benefit our society.’ 

Supporters of the bill will rally on April 20 in Washington, D.C.