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Senate Poised to Consider TRIA Renewal, Obstacles Remain

Over the weekend, the U.S. Senate reached agreement and passed a sweeping $1.1 trillion spending bill Saturday night to fund most of the federal government through the next fiscal year...
December 16, 2014

Over the weekend, the U.S. Senate reached agreement and passed a sweeping $1.1 trillion spending bill Saturday night to fund most of the federal government through the next fiscal year. That was the biggest item remaining on the Senate's agenda—but not the only one.

Still to be acted upon is legislation to renew the Terrorism Risk Insurance Act (TRIA) (S. 2244). The House passed the bill last week. It's not clear when the Senate may take it up. Senators are expected to consider a number of executive branch appointments, some of which are drawing opposition from Republicans, who are still in the minority in the waning days of the Democratic-controlled Senate.

Sen. Tom Coburn (R-Okla.) has placed a hold on the bill. Coburn objects to some of the bill's provisions establishing the National Association of Registered Agents and Brokers (NARAB II). Specifically, the Oklahoma Republican wants the bill to allow states to have the option to opt-out of NARAB if their state legislature determines it is not in that state's best interest. "If NARAB is as popular as proponents say that it is, no state will ever opt-out," Coburn said.

PIA supports both a long-term reauthorization of TRIA and the establishment of NARAB II. Late Friday, PIA circulated a letter to all 100 U.S. Senators urging quick passage of S. 2244.

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