Budget, Rule Disputes Kill FDIC Guarantee Extension Bill

Law360, New York (December 13, 2012, 2:16 PM EST) -- A bill extending a Federal Deposit Insurance Corp. program that provides unlimited insurance for transaction accounts containing more than $250,000 for two years fell victim to a bitter fight over the U.S. Senate's internal rules, with lawmakers on Thursday rejecting the bill over budget concerns.

Senate Majority Leader Harry Reid's bill to extend the Transaction Account Guarantee program, S. 3637, was defeated on a point of order that the bill would cost the government money, violating the 2011 Budget Control Act. The bill's defeat on procedural...
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