Yesterday’s scheduled Senate vote on an important procedural motion to consider legislation (S. 3637) that would extend the Transaction Account Guarantee program for two additional years was postponed until 2:30 p.m. today. The motion would require 60 votes to pass and allow the Senate to take further action on the proposal.
The Congressional Budget Office yesterday released an analysis of S. 3637, which estimates that a two-year TAG extension would cost $110 million over a 10-year period. ABA strongly questions the basis upon which the CBO reached its conclusions, and the analysis could greatly complicate the procedural motion’s passage.
ABA is urging bankers who support a TAG program extension to contact their senators at 202-224-3121 to explain why a temporary extension is important to their bank’s business and municipal customers.
Read the CBO cost analysis.