Senate bill would extend government-backed insurance program for bank deposits
From the Associated Press:
But 14 conservative and free-market groups, in a letter to Senate leaders Friday, said the TAG program “both places unlimited liability on taxpayers for bank and credit union deposits and subsidizes the ability of the wealthy to ‘park their money’ in ways that are unproductive for the economy.” The letter, signed by such groups as the Competitive Enterprise Institute, Tea Party WDC, R Street and the Republican National Policy Committee, said many wealthy people “will choose the security of a 100 percent guaranteed bank account rather than taking a risk with an entrepreneur.”
