SENATE VOTE ON BANK GUARANTEES - JOHN BERLAU
CEI.org: Coalition Tags TAG Bailout as Regressive and Economically Disastrous
As the Senate prepares today to vote on extending unlimited deposit insurance for non-interest bank accounts, 14 leaders and scholars of conservative and free-market groups signed a letter stating strong opposition to the Transaction Account Guarantee (TAG).
Enacted at the height of the financial crisis, TAG provides unlimited government-guaranteed deposit insurance for non-interest bank and
credit union accounts, over and above the $250,000 limit for all accounts. Yet the Senate today is voting on whether to extend this "temporary program," which benefits only the wealthiest depositors, for another two years.
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