The Senate approved by a 76-20 vote a procedural motion to begin considering a bill (S. 3637) that would extend the Transaction Account Guarantee program for two additional years. A vote to shut off debate on the legislation and move to a final vote on passage is scheduled for Thursday.
Although it’s a very positive sign that the legislation passed the first procedural hurdle, there will be other attempts by opponents to block the extension. ABA expects a senator to offer a motion Thursday that would prevent the bill from being considered because of budget concerns.
ABA continues to strongly urge 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.