TAG Suffers Setback in the U.S. Senate

December 14, 2012

Legislation to extend the Transaction Account Guarantee (TAG) program (S. 3637) suffered a significant setback in the U.S. Senate when it failed to clear a procedural hurdle. It is particularly disappointing that the Senate legislation failed on a procedural motion versus its merits. ICBA and CBAI will continue to work with Congress to pass a TAG extension before the program expires on December 31, 2012.

CBAI thanks community bankers from across the state for e-mailing and calling Senator Durbin’s office to express support for a TAG extension. Although the legislation failed to move forward we are gratified that Senator Durbin voted “YES” on the procedural votes to move this legislation forward.

Thank you again for your grass roots support.