WASHINGTON, DC—To the delight but not great surprise ofonlookers, the Senate reauthorized the expiring Terrorism RiskInsurance Act for seven years in a 93-4 vote onThursday.
Passage of the bill and its sister legislation in the House ofRepresentatives is essential for the commercial real estateindustry, Real Estate Roundtable CEO Jeff DeBoersays.Without it, owners will either go into technical default onexisting loans if they lack terrorism coverage, or be unable toobtain financing for new projects.
The next stop is the House of Representatives, and thenpresumably the formation of a joint committee to reconcile the twoversions. There is a behind-the-scenes power struggle in the House,according to Politico, among the GOPregarding the bill with some factions agitating for less backstopsupport for the coverage and others pushing to keep the trigger at$100 million.
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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.
