The Association of Commercial Banks (ABA) has officially expressed its opposition to the creation of a 10% to 15% tax on interest generated by bank savings. They stated that such a tax would affect the economy because it would produce a massive withdrawal of deposits and foster informal savings in unregulated organizations. It would also put pressure on the foreign exchange rate because many savers would convert their pesos to dollars. The ABA presented a 14-page document listing the points that have been discussed by the Private Business Council (CONEP) as possible components of a new tax reform. Although they oppose this proposed tax, they do not make any suggestions as to how the estimated RD$3.8 billion the measure would generate should be collected. The bankers’ document indicates that the government will need approximately 3% of GDP to provide for the nearly RD$30 billion which will be lost to the elimination of the exchange rate commission, the 0.15% tax and the impact of the elimination of tariffs that would be brought about by the DR-CAFTA agreement. The government has not come forward with any suggestions of where it could make more efficient use of its revenues, nor cut present superfluous spending.