A news brief entitled, "ABA Board Votes to Support Two-Year Extension of TAG Program" sent out by The American Bankers Association last week says, "The ABA Board of Directors yesterday -- at the recommendation of the ABA Government Relations Council's Administrative Committee -- voted to support a two-year extension of the Transaction Account Guarantee program that is slated to expire at the end of the year.... The ABA Board emphasized, however, that there will be no "quid pro quo" for extending TAG -- particularly no language raising the credit union member business-lending cap -- and ABA will adamantly oppose any amendment or other additions to the TA's enabling legislation that would be detrimental to the business of banking. The decision to support a TAG extension comes a week and a half after the FDIC provided key information on the program's performance that both ABA and House Financial Institutions Subcommittee Chairman Shelley Moore Capito (R-W.Va.) had aggressively sought. During ABA's deliberative decision-making process, it also has gathered a multitude of opinions from across the industry on the extension issue. In making the decision to support a two-year TAG extension, the ABA Board noted that while the economy has generally improved, that improvement has not been robust, and many areas of the country still suffer from the economic downturn. Recent evidence also suggests that the economy has again slowed considerably and uncertainty about the future pace of the economic growth has risen.... The ABA Board believes that extending the TAG program for two years is consistent with the Fed's actions and will help to promote economic stability, facilitate job growth and reduce uncertainty. While it is difficult to move any bill through the current Congress in the hyper-partisan environment of an election year, ABA will marshal its resources to obtain the introduction and passage of the TAG extension's enabling legislation."

Email This Article




Use a comma or a semicolon to separate

captcha image

Daily Link Archive

2024 2023 2022
March December December
February November November
January October October
September September
August August
July July
June June
May May
April April
March March
February February
January January
2021 2020 2019
December December December
November November November
October October October
September September September
August August August
July July July
June June June
May May May
April April April
March March March
February February February
January January January
2018 2017 2016
December December December
November November November
October October October
September September September
August August August
July July July
June June June
May May May
April April April
March March March
February February February
January January January
2015 2014 2013
December December December
November November November
October October October
September September September
August August August
July July July
June June June
May May May
April April April
March March March
February February February
January January January
2012 2011 2010
December December December
November November November
October October October
September September September
August August August
July July July
June June June
May May May
April April April
March March March
February February February
January January January
2009 2008 2007
December December December
November November November
October October October
September September September
August August August
July July July
June June June
May May May
April April April
March March March
February February February
January January January
2006
December
November
October
September