In August, a top British financial regulator called for a tax on financial trades to discourage "socially useless" activity. Since then, the idea has gained a following among some economists and pundits who suggest the idea that some forms of speculation do not really create socially useful services.

The current administration is dead set against the idea, as is Wall Street, but the idea has gained a bit of traction in Congress, Bloomberg reports. If this concept were to go forward, the industry would respond with a lobbying effort to end all lobbying efforts.

Is there a middle ground that could be staked out? Consider high-frequency trading? Would there be a way to levy a tax small enough so as not to discourage business but still raise some sorely needed revenue? Or would it have a bearish impact that harms all? Some feel such trading has been one key to keeping stocks from lapsing into a severe bear market. 

For more:
- here's the Bloomberg article

Related Articles:
A different look at high-frequency trading
You simply must understand high-frequency trading