Rep. Peter DeFazio (D-Ore.) is planning this week to introduce legislation that would create a financial transactions tax (FTT).

The legislation, which DeFazio also offered in previous Congresses, would impose a 0.03 percent tax on most financial trades. The bill's reintroduction comes as the proposed Democratic Party platform backs an FTT to limit excessive speculation and high frequency trading.

DeFazio's office said that the tax would disincenitivize risky trading practices and collect more than $417 billion over 10 years. The lawmaker will announce that he is offering the bill at a press event Wednesday and is expected to be joined by representatives from groups including the AFL-CIO, Americans for Financial Reform and the Center for Economic and Policy Research.

Business groups have opposed an FTT, saying that it would hurt financial markets and those who are trying to save for retirement.