The U.S. Senate today gave its approval to legislation that would extend existing deposit insurance coverage for lawyers' trust accounts.
After limited discussion, Sen. Jeff Merkley (D-Ore.) brought the legislation to the Senate floor. It passed by unanimous consent, meaning it didn’t require a formal vote.
As reported here Tuesday, lawyer trust accounts have enjoyed unlimited coverage by the Federal Deposit Insurance Corp. since 2008. That has been set to expire after Dec. 31. The legislation extending it now heads to President Barack Obama’s desk.
Sen. David Vitter (R-La.) had been holding up the legislation, according to a Louisiana political columnist. Vitter did not object to the bill today.