Deposit insurance extension requested from Congress by banks

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The lobby was made out of fear of a withdrawal of billions of dollars by businesses. Banks are urging Congress to extend the special U.S. deposit insurance at the end of 2012 instead of allowing it to expire, out of growing concerns that companies will begin withdrawing billions of dollars. The Transaction Account Guarantee (TAG) program is the center point of this issue. This is the form of deposit insurance that protects all credits into bank checking accounts above the Federal Deposit Insurance Corp’s $250,000 in coverage. The main benefit…

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