News Feed Item

State Treasurers Commend U.S. Senate for Moving TAG Program Deliberations Forward

Treasurers Meet Senior Administration Officials to Discuss Details of TAG Program Extension

LEXINGTON, KY -- (Marketwire) -- 12/11/12 -- The National Association of State Treasurers (NAST) today commended the U.S. Senate for supporting a full debate on the extension of the Transaction Account Guarantee (TAG) Program.

The U.S. Senate voted earlier today to invoke cloture on S. 3637, which would temporarily extend the federal deposit insurance coverage for noninterest-bearing transaction accounts. Passage of today's vote will allow the bill to proceed to the Senate floor for full debate. Also, earlier today, the White House expressed its official support for continuation of the TAG Program. Members of NAST continue to urge Congress to pass a two-year extension, citing significant benefits to state and local governments and the U.S. banking system. As it currently stands, the TAG Program will expire on Dec. 31.

"NAST appreciates the support of U.S. Senator Harry Reid for filing the motion of cloture and sponsoring the legislation to extend the TAG Program," said NAST President and Nevada State Treasurer Kate Marshall. "NAST is asking that the TAG Program be temporarily extended to allow for a proper transition period."

Representatives of NAST met earlier today with senior U.S. Treasury officials to discuss the importance of, and need for, this program. The Federal Deposit Insurance Corporation (FDIC) launched the TAG Program in 2008 in the midst of the global financial crisis. Its purpose is to strengthen confidence in the banking system and to ensure liquidity.

"We are grateful for the support expressed by the President with regards to extending the TAG Program," said Delaware State Treasurer Chip Flowers. "Today's vote reflects large bipartisan support for advancing the debate on this extremely important program. We cannot end the TAG Program without giving governments, businesses and consumers ample time to transition. We look forward to working with the White House and Congress in moving towards passage of this important, yet temporary, federal insurance program."

State and local governments, as well as many of the nation's universities, charities and hospitals rely upon the security of these federally insured accounts to protect their funds from excessive market instability, and to ensure that these funds will be available even in the extreme case of a bank failure. A two-year extension of the TAG Program would protect these taxpayers' funds from market volatility and the instability related to the "fiscal cliff" resolution (or lack thereof) and the upcoming debt ceiling debate.

During its recent annual conference, NAST voted to extend its resolution supporting the TAG Program. To see the full resolution, visit www.nast.org.

About NAST: NAST membership is composed of all state treasurers or state finance officials with comparable responsibilities from the United States, its commonwealths, territories and the District of Columbia. NAST's mission is to provide advocacy and support that enables member states to pursue and administer sound financial policies and programs benefitting the citizens of the nation. For more information, visit www.nast.org.

Lisa Cleveland
Director of Communications
National Association of State Treasurers
Phone: (859) 244-8151
E-Mail: [email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
DXWorldEXPO LLC announced today that Dez Blanchfield joined the faculty of CloudEXPO's "10-Year Anniversary Event" which will take place on November 11-13, 2018 in New York City. Dez is a strategic leader in business and digital transformation with 25 years of experience in the IT and telecommunications industries developing strategies and implementing business initiatives. He has a breadth of expertise spanning technologies such as cloud computing, big data and analytics, cognitive computing, m...
"We started a Master of Science in business analytics - that's the hot topic. We serve the business community around San Francisco so we educate the working professionals and this is where they all want to be," explained Judy Lee, Associate Professor and Department Chair at Golden Gate University, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Digital Transformation and Disruption, Amazon Style - What You Can Learn. Chris Kocher is a co-founder of Grey Heron, a management and strategic marketing consulting firm. He has 25+ years in both strategic and hands-on operating experience helping executives and investors build revenues and shareholder value. He has consulted with over 130 companies on innovating with new business models, product strategies and monetization. Chris has held management positions at HP and Symantec in addition to ...
DXWorldEXPO LLC announced today that Kevin Jackson joined the faculty of CloudEXPO's "10-Year Anniversary Event" which will take place on November 11-13, 2018 in New York City. Kevin L. Jackson is a globally recognized cloud computing expert and Founder/Author of the award winning "Cloud Musings" blog. Mr. Jackson has also been recognized as a "Top 100 Cybersecurity Influencer and Brand" by Onalytica (2015), a Huffington Post "Top 100 Cloud Computing Experts on Twitter" (2013) and a "Top 50 C...
Cloud-enabled transformation has evolved from cost saving measure to business innovation strategy -- one that combines the cloud with cognitive capabilities to drive market disruption. Learn how you can achieve the insight and agility you need to gain a competitive advantage. Industry-acclaimed CTO and cloud expert, Shankar Kalyana presents. Only the most exceptional IBMers are appointed with the rare distinction of IBM Fellow, the highest technical honor in the company. Shankar has also receive...
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities - ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups.
Poor data quality and analytics drive down business value. In fact, Gartner estimated that the average financial impact of poor data quality on organizations is $9.7 million per year. But bad data is much more than a cost center. By eroding trust in information, analytics and the business decisions based on these, it is a serious impediment to digital transformation.
Daniel Jones is CTO of EngineerBetter, helping enterprises deliver value faster. Previously he was an IT consultant, indie video games developer, head of web development in the finance sector, and an award-winning martial artist. Continuous Delivery makes it possible to exploit findings of cognitive psychology and neuroscience to increase the productivity and happiness of our teams.
The standardization of container runtimes and images has sparked the creation of an almost overwhelming number of new open source projects that build on and otherwise work with these specifications. Of course, there's Kubernetes, which orchestrates and manages collections of containers. It was one of the first and best-known examples of projects that make containers truly useful for production use. However, more recently, the container ecosystem has truly exploded. A service mesh like Istio addr...
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory? In her Day 2 Keynote at @DevOpsSummit at 21st Cloud Expo, Aruna Ravichandran, VP, DevOps Solutions Marketing, CA Technologies, was jo...
Predicting the future has never been more challenging - not because of the lack of data but because of the flood of ungoverned and risk laden information. Microsoft states that 2.5 exabytes of data are created every day. Expectations and reliance on data are being pushed to the limits, as demands around hybrid options continue to grow.
Business professionals no longer wonder if they'll migrate to the cloud; it's now a matter of when. The cloud environment has proved to be a major force in transitioning to an agile business model that enables quick decisions and fast implementation that solidify customer relationships. And when the cloud is combined with the power of cognitive computing, it drives innovation and transformation that achieves astounding competitive advantage.
As IoT continues to increase momentum, so does the associated risk. Secure Device Lifecycle Management (DLM) is ranked as one of the most important technology areas of IoT. Driving this trend is the realization that secure support for IoT devices provides companies the ability to deliver high-quality, reliable, secure offerings faster, create new revenue streams, and reduce support costs, all while building a competitive advantage in their markets. In this session, we will use customer use cases...
Digital Transformation: Preparing Cloud & IoT Security for the Age of Artificial Intelligence. As automation and artificial intelligence (AI) power solution development and delivery, many businesses need to build backend cloud capabilities. Well-poised organizations, marketing smart devices with AI and BlockChain capabilities prepare to refine compliance and regulatory capabilities in 2018. Volumes of health, financial, technical and privacy data, along with tightening compliance requirements by...
Evan Kirstel is an internationally recognized thought leader and social media influencer in IoT (#1 in 2017), Cloud, Data Security (2016), Health Tech (#9 in 2017), Digital Health (#6 in 2016), B2B Marketing (#5 in 2015), AI, Smart Home, Digital (2017), IIoT (#1 in 2017) and Telecom/Wireless/5G. His connections are a "Who's Who" in these technologies, He is in the top 10 most mentioned/re-tweeted by CMOs and CIOs (2016) and have been recently named 5th most influential B2B marketeer in the US. H...