Wall St tax has "great deal of merit"

A proposed tax on financial transactions "has a great deal of merit" and would help raise much-needed revenue for the U.S. government, House of Representatives Speaker Nancy Pelosi said as other backers touted it as a measure to slash Wall Street salaries.

"It is really a source of revenue that has really minimal impact on the transaction but a tremendous impact on helping us meet our needs," Pelosi said at a news conference.

Read the full article from Reuters here.