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Tuesday, December 11, 2012

Eight Retail, Biz Groups Urge TAG Extension Passage

Eight retail and business trade groups yesterday urged congressional leaders to pass a temporary extension of the Transaction Account Guarantee program.

If the TAG program is allowed to abruptly expire, “it will likely force many businesses to move hundreds of billions of dollars in insured cash out of their local community banks and into other noninsured and riskier accounts,” the trade groups said in a letter.

Because the funds exodus is likely to occur within a short period of time, “it risks having a destabilizing effect on the financial system, available local credit, and the economy,” they explained.
[T]he [TAG] program has been noncontroversial and successful in helping to stabilize the financial system and providing liquidity for businesses and municipalities to meet their daily short-term needs, [and] we urge Congress to pass a short-term extension …
Read the letter.

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