The Independent Community Bankers of America released this statement following the Senate’s procedural vote on legislation (S. 3637) to extend full Federal Deposit Insurance Corp. coverage of noninterest-bearing transaction accounts. The legislation would extend the Transaction Account Guarantee (TAG) program for two years.
“The Senate’s failure to advance legislation to extend TAG coverage of noninterest-bearing transaction accounts at this time is disappointing for
“Thousands of
“With so much uncertainty facing the nation’s economy, now is not the time to pull the plug on this important source of stability. ICBA continues calling on lawmakers to extend this much-needed deposit coverage before it’s too late.
“ICBA thanks Senate Banking Committee Chairman Tim Johnson (D-S.D.) for his tireless efforts to extend the Transaction Account Guarantee program. He is a long-time friend to the community banking industry, and ICBA appreciates his hard work. ICBA also thanks all of the senators who stood up for