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Friday, June 8, 2012

Rep. Capito Requests TAG Program Info from FDIC

House Financial Institutions Subcommittee Chairman Shelley Moore Capito (R-W.Va.) has asked the FDIC for its perspective on the performance of the Transaction Account Guarantee (TAG) program.
There is a potential debate in the … Congress about a potential extension of the TAG program. As the Congress continues to consider an extension … it would be helpful to have the FDIC’s perspective on the [program’s] performance … as well as an assessment of the risks and potential consequences of extending the coverage or letting it expire.
Capito asked the FDIC to respond by June 29 to a series of questions about the program’s cost, effect on the Deposit Insurance Fund, effect on the banking system’s overall liquidity, and the consequences of its expiration. The program is scheduled to expire at the end of this year.

ABA also requested TAG data from the FDIC in a February letter to Gruenberg.

Read Capito’s full letter.

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