Reid Submits Bill to Extend Unlimited FDIC Coverage (The Hill)

Transaction Account Guarantee program due to expire at year-end.

Senate Majority Leader Harry Reid, D-Nev., has introduced a bill that would extend the Federal Deposit Insurance Corp.’s Transaction Account Guarantee (TAG) program, The Hill reports. TAG, which provides unlimited FDIC coverage on non-interest-bearing checking accounts, affecting an estimated $1.4 trillion in assets.

The American Bankers Association and the Independent Community Bankers of America had urged Congress to extend the measure, arguing that the U.S. economy remains “fragile.”

According to The Hill, Reid’s bill, S. 3637, has no co-sponsors and the text of the bill is not yet available.

 

See the full story here. For previous coverage, see Bye Bye, Unlimited FDIC Coverage.

 

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