WASHINGTON, DC—Congress is moving quickly to try again to renew the Terrorism Risk Insurance Act, which died in the Senate at the midnight hour in 2014. The House of Representatives is schedule to vote on a bill, which has been described as nearly identical to the measure put forward last year, this week.
The last bill passed the House in a 417-7 vote, after a period of debate in which conservatives pushed to have the private sector take on more of the risk. Ultimately, however, the final measure approved by the House was closer to the more business-friendly Senate bill, making the measure's last minute defeat in the Chamber a particularly bitter bill for its supporters to swallow.
The House appears ready for a repeat performance. "I look forward to yet another overwhelmingly bipartisan vote for this legislation," House Financial Services Chairman Jeb Hensarling (R., Texas) told the Wall Street Journal. It is a telling remark for the measure as Hensarling has been a long-time critic of TRIA and the federal backstop for terrorism insurance.
The measure has been put on fast-track for approval in the House.
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