WASHINGTON — While the Federal Deposit Insurance Corp. remains mum over whether Congress should extend a program that provides unlimited deposit insurance for certain checking accounts, its former leader, Sheila Bair, has broken her silence on the issue.

In a video interview with American Banker, Bair said that the Transaction Account Guarantee — which was created in 2008 during the midst of the financial crisis and is due to expire at yearend — should be extended but phased out gradually over the next two years.

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