“We’re disappointed that the Senate failed to vote on a temporary extension of the FDIC’s Transaction Account Guarantee program. The TAG program has been fully funded by the banking industry at no taxpayer expense and millions of small businesses and municipal depositors would have valued its continuation during this period of economic recovery.”
“Although we’re disappointed with today’s outcome, America’s banks – with $1.6 trillion in capital – are prepared. Banks already have been communicating about the possible expiration of TAG and will work with their business customers to demonstrate the safety of their deposits.”
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The American Bankers Association represents banks of all sizes and charters and is the voice for the nation’s $14 trillion banking industry and its two million employees.The majority of ABA’s members are banks with less than $185 million in assets. Learn more at aba.com.