WASHINGTON (AP) — The Senate on Tuesday began considering proposed legislation to extend for two years a Great Recession program that provides open-ended government insurance backing for certain non-interest-bearing bank accounts.
The 76-20 Senate vote to consider the bill to extend the Transaction Account Guarantee program was a victory for community banks who say ending the deposit insurance program could lead to a flight of money from smaller, more vulnerable, banks to the too-big-to-fail megabanks.
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