Dec 13 - The following statement was provided by the American Bankers Assocation on behalf of Frank Keating, ABA president and CEO.
“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.”