WASHINGTON — The Senate is scheduled to vote Tuesday on a bill that would extend a crisis-era program that guarantees certain business accounts.
The bill, sponsored by Majority Leader Harry Reid, was originally scheduled for a vote Monday evening on a motion to limit debate. It was moved to Tuesday at 2:15pm because some lawmakers were unable to return to Washington due to fog in the Northeast.
The financial services industry is divided over whether to extend the Transaction Account Guarantee program, with smaller banks warning that expiration of the program could bring on liquidity problems at some institutions, and others, including big banks and credit unions, arguing the program is no longer necessary.
If the cloture motion passes on Tuesday, the Senate is expected to immediately recognize Reid to begin debate on the bill. A vote would proceed shortly afterwards.