Dec 13 A bill to extend a financial crisis-era
deposit insurance program on Thursday failed to garner the
needed support to overcome a crucial procedural vote in the U.S.
The Transaction Account Guarantee program, which insures
checking account deposits above the $250,000 normally covered by
the Federal Deposit Insurance Corp, is set to expire at the end
of the year.
The bill, sponsored by Majority Leader Harry Reid, would
have given the program two more years. Bank lobbyists said
letting the program end would lead U.S. companies to pull funds
from bank accounts and invest elsewhere.
Fifty senators voted to waive a procedural challenge to the
bill raised by Republican members on Thursday, fewer than the 60
votes needed to move forward with the legislation.