Members of Congress are back in town this week following their Thanksgiving recess. They’re facing a crowded agenda. One of the items awaiting final action is forging an agreement on final legislation extending the Terrorism Risk Insurance Act (TRIA). The Senate bill essentially extends the current program for seven years, through 2014. A rival bill in the House would see it continue for 15 years.

Aside from the longer renewal, the House version included a significant expansion of the program itself, including coverage of group life as well as nuclear, chemical, biological and radiological events. The Senate version basically extends the current program for seven years and includes coverage for acts of domestic terrorism.

While many of the elements contained in the Senate version of TRIA renewal are decidedly positive, PIA emphasized that some provisions from the House version should be incorporated into the final bill that emerges from a conference. Just how much of the House bill can be preserved is an open question. The White House has threatened to veto any TRIA extension that it considers to be too ambitious. Still, that represents a softening of its position. When PIA leaders met with senior Bush Administration officials at the White House in March of this year, they were adamantly opposed to any extension.

December 4, 2007