Senator Harry Reid introduced Senate Bill S. 3637 to extend the Transaction Account Guarantee (TAG) program through 2014. TAG is administered by the Federal Deposit Insurance Corporation (FDIC) and provides protection for non-interest bearing accounts held by small businesses or municipalities at participating banks. TAG launched in October 2008 at the height of the financial crisis and has been extended several times. The key benefit of TAG for small-business owners is that there is no limit to the protection amount, unlike the consumer equivalent protection offered by FDIC. In order for this extension of TAG to become law, it still needs to pass the Senate and the House and be signed into law by the President.
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