Top Senate Republican Opposes TAG Extension Bill

Law360, New York (November 28, 2012, 1:22 PM EST) -- A leading Republican on the Senate Banking Committee said Wednesday he would oppose legislation extending by two years a Federal Deposit Insurance Corp. program that provides unlimited insurance for more than $250,000 on transaction accounts.

In announcing his opposition to a bill that would draw out the popular program, introduced Monday by Senate Majority Leader Harry Reid, Sen. Bob Corker, R-Tenn., said an extension was no longer necessary because banks now hold enough deposits to support their outstanding loans.

While community banks argue that the end...
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