Senate Dems Seek FDIC Transaction Account Program Extension

Law360, New York (July 30, 2012, 6:36 PM EDT) -- Senate Democrats on Friday urged the Obama administration to back the extension of a Federal Deposit Insurance Corp. program that provides unlimited insurance on transaction accounts above $250,000, saying that an abrupt end to the program could further dampen the nation's limping economic recovery.

Sen. Tim Johnson, D-S.D., the chairman of the Senate Banking Committee, and Sen. Sherrod Brown, D-Ohio, said in a letter to the Office of Management and Budget that the administration should advocate a two-year extension of the Transaction Account Guarantee program when...
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