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TAG legislation fails budgetary vote

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In a major setback for the bank lobby, the U.S. Senate voted on a budgetary point of order raised by Sen. Pat Toomey (R-PA) on S.3637, legislation to extend the Transactional Account Guarantee (TAG) program. The point of order needed 60 votes in order to be waived and allow the legislation to move forward. The motion did not receive the necessary 60 votes and therefore the Senate was unable to proceed on the bill. The final count was 50-42 and the point of order was sustained.

CUNA has told the League through conversations with House and Senate leadership that the path appears to be closed on TAG; today’s vote certainly helps in that regard. In Washington, it’s not over until it is over. Congress will be in session for at least another week and a half, and the League and CUNA will monitor the development of all end-of-year bills to ensure this provision does not get included without similar treatment for Member Business Lending (MBL) legislation.

Sen. Bill Nelson (D-FL) voted in favor of waiving the point of order while Sens. Marco Rubio (R-FL), Jeff Sessions (R-AL), and Richard Shelby (R-AL) voted against waiving the budgetary point of order. While Sen. Nelson did not vote with credit unions on this issue, he is still a strong supporter of credit unions and voted in favor of allowing the bill to head to the floor, not necessarily in favor of the underlying legislation.

Please take a moment to thank Sens. Rubio, Sessions, and Shelby for not allowing yet another bank bailout by sending a quick email to their offices.

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