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

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

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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.”

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