WASHINGTON, DC-The US Senate Banking Committee has passed ameasure to extend the federal backstop on terrorism insurance forthe next seven years. The Committee also voted to broaden the scopeof the coverage to include domestic terrorism as well asforeign.
The bill, sponsored by Senators Chris Dodd (D-Conn.) and RichardShelby (R-Ala.), will move to the Senate floor for a full vote.Aside from its inclusion of domestic terrorism, though, the Senatebill is farnarrower than the one passed by the House ofRepresentatives last month.
The House bill extended the backstop to 15 years; worse–at leastaccording to advocates of small government–it also added group lifeinsurance to TRIA and support for damages caused by nuclear,biological, chemical or radiological attacks. The Senate bill doesnot.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
