WASHINGTON, DC—The push to extend the Terrorism Risk Insurance Act took a small step forward. The Senate Banking Committee unanimously approved the extension on Tuesday and the measure now moves to the full Senate floor. Meanwhile, the House of Representatives is revving up for its own measure plus a likely negotiation for compromise with the Senate, which is more accepting of the measure.

But all that is down the road. For now, the commercial real estate industry is breathing a sigh of relief that the measure made it past this milestone. “The Senate Banking Committee did the right thing today by voting to extend the terror insurance act,” Real Estate Roundtable CEO Jeff DeBoer tells GlobeSt.com. “Allowing this important law to lapse would slow job growth and leave our economy vulnerable to terrorist attacks.”

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