U.S. Senator Tom Harkin, D-Iowa, and U.S. Rep. Peter DeFazio, D-Ore., will introduce bills on Wednesday to impose a 0.03 percent transaction tax on trades of stocks and bonds, according to Bloomberg

The tax would amount to a three basis point tax.

The bills would put the U.S. in the center of a transaction tax debate ahead of this week's the Group of 20 summit in Cannes, France.

It's a significant way to raise some needed revenue, Harkin told Bloomberg. Quite frankly, I bet nobody would even feel it.

European Union Moved First

The move comes a year after a similar proposal was mulled by the European Union at last year's G20 summit in Toronto, Canada.

In September, the EU proposed a similar tax, with Germany and France leading the charge for the excise, with opposition from Britain. The proposal would generate an estimated $57 billion euros a year after its 2014 implementation.

Harkin and Defazio's proposed rate would be significantly lower than the EU's, which is .1 percent.

We're simplifying it, looking at a lower rate and actually substantially mirroring the proposal in Europe, DeFazio told Bloomberg.