WASHINGTON, DC—Fears that the Senate might not move on the Terrorism Risk Insurance Act in a timely manner were clearly misplaced: not even twenty-four hours after it received the bill from the House of Representatives renewing TRIA, the Senate passed its own measure.
The Senate's bipartisan 93-4 vote extended TRIA for six years. Like the House version, the Senate bill gradually increases the loss threshold that triggers federal assistance, from $100 million to $200 million in the event of a catastrophic attack.
Advocates for this measure were, to say the least, very pleased with Congress' alacrity in passing the measure after the unexpected and last-minute failure to do so at the end of 2014.
"Senate Majority Leader McConnell and Minority Leader Reid acted quickly and decisively on this important economic security issue," said Roundtable President and CEO Jeffrey DeBoer. "We appreciate their efforts, as well as the dogged leadership of Sen. Charles Schumer (D-NY) in achieving this vote of approval today."
The next step now is for the President to sign the measure.
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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.
