Bankers Score Big Victory with TAG Procedural Vote
A procedural Senate vote Tuesday to consider S. 3637, which would extend the Transaction Account Guarantee, won by a significant margin of 76-20, according to the official roll call posted on the Senate website.
All Senate Democrats voted yes on the measure, with the exception of Sens. Daniel Inouye of Hawaii and Frank Lautenberg of New Jersey, who did not cast votes. All 20 “nay” votes were cast by Senate Republicans.
Following the vote, Senate Majority Leader Harry Reid (D-Nev.) immediately filed a cloture motion to proceed directly to a vote on the bill itself, which could happen as early as Thursday morning.
Reid also filled the amendment tree on the bill, which means amendments will not be allowed. That’s a big win for banks, because it kills the possibility that credit union legislation that would raise the member business lending cap could be attached to the bill.
Shortly following the vote, CUNA President/CEO Bill Cheney said in an email to CUNA Board members and affiliated league leaders that he expects a senator to “make a point of order against the legislation because it violates pay-as-you-go budget rules.”
Cheney said CUNA expects several senators who voted yes to proceed with the bill will change their vote on the point of order and/or the final passage vote.
In a statement, Cheney said “We intend to continue our opposition to TAG as the extension of the program is risky, unnecessary and has not proven to inspire additional bank business lending. In the meantime, we will continue to advocate for our business lending legislation as a way of truly stimulating additional lending. When conditions in the Senate present us with an opportunity, we will be more than happy to seize it.”