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Monday, July 30, 2012

Sens. Johnson, Brown Ask OMB to Advocate for TAG Extension

Senate Banking Committee Chairman Tim Johnson (D-S.D.) and Financial Institutions Subcommittee Chairman Sherrod Brown (D-Ohio) on Friday asked Office of Management and Budget Acting Director Jeffrey Zients to advocate for a two-year extension of the Transaction Account Guarantee program:

Community banks have raised concerns to us about the approaching expiration of the [TAG] program and the adverse consequences of such expiration while the economy is still in a fragile state.

As the OMB considers communication to Congress regarding programs that Congress must extend at the end of the fiscal year, we ask that you advocate for a two-year extension of [TAG]. With so many other risks to the economic recovery, we do not need a TAG expiration to disrupt the stability of the banking system, and we believe your support of this program is critical.

Read the letter.

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