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TRIA Remains Stalled in the House

Despite the fact that a seven-year renewal (S.2244) of the Terrorism Risk Insurance Act was passed in the Senate by an overwhelming, bipartisan vote of 93-4, extension of the program remains stalled in the House...
July 29, 2014

Despite the fact that a seven-year renewal (S.2244) of the Terrorism Risk Insurance Act (TRIA) was passed in the Senate by an overwhelming, bipartisan vote of 93-4, extension of the program remains stalled in the House.

House leadership does not yet have the votes to pass its version of TRIA renewal, the TRIA Reform Act (H.R. 4871), out of the full House. H.R. 4871 would extend TRIA for five years and raise the current trigger for federal support to $500 million over that time; the Senate bill maintains the current trigger of $100 million.

Financial Services Committee Chairman Rep. Jeb Hensarling (R-Texas) is so far adamantly opposed to giving up on his legislation or taking up the Senate bill. As a result, progress on TRIA has come to a standstill in the House, with the legislative calendar looming. Congress is scheduled to adjourn for a five-week summer recess this Thursday, July 31, 2014. There is still a slim possibility for a compromise to move forward in the House before the recess but much of this depends on internal negotiations in the Republican caucus.

If a compromise can’t be reached, an increasingly likely outcome may be for Congress to pass a short-term extension of TRIA to get past the November elections and the looming December expiration of the program. There is also the possibility that Congress goes right up to the expiration in December before acting. PIA is continuing to meet with congressional offices to encourage movement on TRIA and for as timely and straightforward a reauthorization as possible.

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