Reid Seeks 2-Year FDIC Guarantee Program Extension

Law360, New York (November 27, 2012, 6:02 PM EST) -- The U.S. Senate's top Democrat on Monday introduced legislation that would extend a popular Federal Deposit Insurance Corp. program that provides unlimited insurance for more than $250,000 on transaction accounts by two years.

The Transaction Account Guarantee program is set to expire at the end of December, but the banking industry and state regulators have been rallying Congress to pass an extension of the deposit insurance program. Senate Majority Leader Harry Reid, D-Nev., introduced a bill that would extend the program by two years.

Reid's bill,...
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