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Monday, December 10, 2012

Senate to Hold Procedural Vote on TAG Extension Today

The Senate late today is scheduled to vote on an important procedural motion to consider legislation that would extend the Transaction Account Guarantee (TAG) program for two additional years. The motion would require 60 votes to pass and allow the Senate to take further action on the proposal.

ABA supports a clean two-year TAG program extension and will oppose any efforts to attach unrelated amendments to the bill. In a letter to senators last week, ABA reiterated its longstanding opposition to any attempts to combine a TAG extension proposal with a bill (S. 2231) that would more than double the credit union business-lending cap.

The outcome of the procedural vote is uncertain. ABA encourages 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.

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