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Friday, August 17, 2012

ABA Defends TAG Extension in Letter to WSJ

Discontinuing the FDIC's Transaction Account Guarantee (TAG) program would “increase uncertainty in an economy whose path is anything but certain,” ABA President and CEO Frank Keating wrote in a letter to the editor published in yesterday’s Wall Street Journal. The letter was sent in response to a recent Journal editorial that advocated allowing TAG to expire at year-end.
Allowing for a temporary, two-year extension of the program provides additional assurances for businesses, municipalities and consumers by taking a potentially disruptive element off the table as we approach year-end in an economy struggling to find its way forward.

This isn't a political decision for Gov. Romney or President Obama. This is a decision on whether to extend a program that supports small businesses that help drive the economy.
Read the letter.

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