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Warren Says Banks Should Face Higher Taxes to Balance Risks

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Wall Street banks and their top executives should face new tax penalties to keep them from engaging in risky practices that can pose threats to the financial system, U.S. Senator Elizabeth Warren said Wednesday.

Warren, who has been a leading defender of the Dodd-Frank Act, called on the Republican-led Congress to relent from attacks on the 2010 law and close a tax loophole that she said encourages bank chief executive officers to seek quick gains.