Bankers Push for TAG Extension
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Due to Expire in December 2012
In October of 2008, with the country in the depths of the financial crisis, and banks failing by the dozens, Congress needed to create confidence in the safety of bank deposits. Its answer was the Transaction Account Guarantee program, which authorized the Federal Deposit Insurance Corp. to insure business transaction accounts with no limits.
There is no doubt that the program was popular. Balances in excess of the old coverage limit held in eligible transaction accounts — which by law earn no interest — now stand at $1.2 trillion... read more.
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