WASHINGTON, DC—The House of Representatives passed legislation on Wednesday extending the Terrorism Risk Insurance Act through 2020, after a nail-bitter of a last minute detour. The measure also raised the trigger to $200 million.
The measure passed 417-7.
The bill also includes a provision that opponents say weaken the 2010 Dodd-Frank Wall Street Act – namely that non-financial institutions would no longer have to follow the same regulations as big banks.
It was this provision that threatened to derail the negotiations, which earlier this month were headed towards a successful conclusion. It is unclear whether the Senate will support the measure because of the addition of this measure.
Advocates of TRIA are, needless to say, quite pleased this hurdle has been overcome. "Today the House took a key step toward keeping the economy on track," Real Estate Roundtable CEO Jeff DeBoer tells GlobeSt.com. "Extending the Terrorism Risk Insurance Program is critical. We now urge the Senate to follow suit and approve this bill.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
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.
