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Republicans kill Democrats’ bank bailout provision — in protest of Reid’s heavy-handedness

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Nearly along party lines, Republicans in the Senate this afternoon killed a bill to extend a little-known but potentially costly bank bailout. The provision is the Transaction Account Guarantee, or TAG. Created amidst the financial panic of late 2008 and extended as part of Dodd-Frank, TAG puts a taxpayer guarantee on all deposits above and beyond FDIC’s insurance. In other words, if banks...