Lawmakers sharply criticized the Obama administration's proposed bank tax on Tuesday, telling Treasury Secretary Tim Geithner it is unfair and counterproductive.

Sen. Jon Kyl, R-Ariz., asked why banks that did not get Troubled Asset Relief Program funds would be hit by the tax, which would apply to financial services companies with more than $50 billion of assets, and why banks that have repaid their Tarp funding would still be targeted.

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