For now, the effort to extend the TransactionAccount Guarantee has failed. The Senate vote to waive aBudget Point of Order failed Thursday, with 50 yes votes and 42 novotes.
|The measure needed 60 votes to overcome the point of order andmove forward to a chamber vote. That means as a standalone bill, S.3637 is dead.
|The banking lobby's only hope to save the TAG bill would be toattach it to another piece of legislation, putting it in the same boat as credit unions looking for an amendmentopportunity for member business lending.
|CUNA President/CEO Bill Cheney called the vote “a death blow tothe legislation” and noted the aggressive opposition credit unionsvoiced to the TAG bill is a first for the industry, but it won't bethe last.
|“We will be alert for any attempt by banks to attempt to attachthis bill to some other year-end legislative package – and willoppose any such effort just as energetically as long as there is nosimilar treatment for credit union business lending legislation inthe same measure,” he said.
|Cheney added that in the meantime, CUNA will continue to attemptto attach member business lending legislation to “any appropriateend-of-year legislative package.”
|“Congress will be in session for at least another week and ahalf – this isn't over until it's over,” he said.
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