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Thursday, December 13, 2012

Senate Kills TAG Extension Legislation

The Senate today failed to advance legislation (S. 3637) that would have provided a two-year extension of the Transaction Account Guarantee program, practically guaranteeing that the program will expire as scheduled on Dec. 31. The Senate voted 50-42 to waive the budget point of order, 10 votes short of the 60 needed.

ABA President and CEO Frank Keating said in a press statement:
We’re disappointed that the Senate failed to vote on a temporary extension of the FDIC’s Transaction Account Guarantee program. The TAG program has been fully funded by the banking industry at no taxpayer expense and millions of small businesses and municipal depositors would have valued its continuation during this period of economic recovery.
The bill, which some senators opposed because they viewed TAG as a crisis-era government support program that should be retired, was ultimately felled by a parliamentary procedure that blocks bills that appear to cost the government money.

Read Keating’s full statement.

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