WASHINGTON, DC—So close and yet so far. After much wrangling andlast-minute nail biting, last week the House of Representatives delivered a billextending the Terrorism Risk Insurance Act through2020, while raising the trigger to $200 million. The effort was allfor naught: Last night, the measure died in the Senate afterTom Coburn (R-Okla.) blocked the legislative bodyfrom holding a final vote.
Coburn had been opposed to a provisions requiring insuranceagents to register into a federal nonprofit clearinghouse. Coburnwanted states to be able to opt-out of the process.
TRIA had not been included in the omnibus spending bill thatboth the House of Representatives and the Senate passed and thatPresident Obama is set to sign. Democrats had opposed revisions theHouse made to the bill that loosened certain Dodd-Frankprovisions.
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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.
