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Extending the Transaction Account Guarantee program past its scheduled expiration on Dec. 31 seemed unlikely a few weeks ago, but the measure has a new champion in Senate Majority Leader Harry Reid, D-Nev., who has proposed extending the program for another two years.

Reid’s bill, S. 3637, would temporarily extend the TAG program, which provides unlimited Federal Deposit Insurance Corp. insurance on no-interest checking accounts used mainly by businesses. The senator introduced the stand-alone bill under Rule 14, which would allow it to bypass committee hearings and go straight to the Senate floor for a vote, indicating that it’s very likely to get approved.

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