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Corker Opposes TAG Extension

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Just days after the Senate's top Democrat, Harry Reid, proposed a two-year renewal to the Transaction Account Guarantee program, a leading Republican on the Senate Banking Committee came forward and said he plans to oppose the extension.

Sen. Bob Corker, R-Tenn., said in a press release "It's time to move beyond this period of unprecedented government support of the banking industry, and so I am opposed to any more extensions of this limitless guarantee program."

The press release "noted that, although community banks have been most vocal about needing a TAG extension, data indicate larger institutions benefit from the program," writes American Banker's Joe Adler.

Community banks believe that when TAG expires, which was originally extended under the 2010 Dodd-Frank Act, depositors may seek other destinations to store their money.

For the full piece see "Corker Calls for End to TAG" (may require subscription).

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