President Barack Obama has proposed a fee on about 50 financial institutions that will raise an estimated $90 billion to reduce government debt, The Wall Street Journal reports. The “financial crisis responsibility fee” is designed to recoup taxpayers’ money used in the rescue of the financial system. The amount would be raised over 10 years.

The fee targets banks with more than $50 billion in assets, and levies a fee of about 15 basis points on covered liabilities. Insured deposits are not included because banks are already charged by the Federal Deposit Insurance Corporation. Analysts estimate that the fee for JP Morgan Chase, Citigroup and Bank of America would likely be around $2 billion. Wells Fargo may have to pay around $700 million and Morgan Stanley $1 billion, adds The Wall Street Journal.

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