House to vote on terrorism insurance act this week

Measure would extend the backstop for six years

New York /
Jan.January 06, 2015 08:30 AM

The House is planning on reauthorizing the federal Terrorism Risk Insurance Act after it expired on December 31.

Lawmakers failed to reach a deal on keeping the program in place, much to the dismay of the real estate industry. Now, a vote is likely to happen as early as Wednesday.

The act provides a backstop for property insurers in case of a terrorist attack and is widely supported by the real estate industry. In December, retiring Senator Tom Coburn held up the passage of the bill — which would extend TRIA by six years — over a states’ rights issue unrelated to terrorism insurance. New York Senator Charles Schumer is a staunch supporter of the program.

Republicans put the reauthorization of TRIA on a fast-track procedure, which means that a two-thirds majority is necessary for it to pass, according to The Hill.

Republican Jeb Hensarling, the House financial services committee chairman, reached an agreement ensuring the vote would take place this week, the website reported. [The Hill] — Claire Moses


Related Articles

arrow_forward_ios
Sen. Charles Schumers aid President-elect Joe Biden agreed to assist NYC. (Getty)
NYC loses $2.5B in property taxes, gets $1B from FEMA
NYC loses $2.5B in property taxes, gets $1B from FEMA
Fate of Moynihan air rights unclear as $1.6B project moves forward
Fate of Moynihan air rights unclear as $1.6B project moves forward
Fate of Moynihan air rights unclear as $1.6B project moves forward
NYC to get a slice of $68M that Congress set aside for Trump Tower security
NYC to get a slice of $68M that Congress set aside for Trump Tower security
NYC to get a slice of $68M that Congress set aside for Trump Tower security
Schumer urges Trump to put NYC security costs in Fed budget
Schumer urges Trump to put NYC security costs in Fed budget
Schumer urges Trump to put NYC security costs in Fed budget
NYC gets exemption from anti-segregation rules
NYC gets exemption from anti-segregation rules
NYC gets exemption from anti-segregation rules
VIDEO: Chuck Schumer is on board with plans for a new stop on the No. 7 line
VIDEO: Chuck Schumer is on board with plans for a new stop on the No. 7 line
VIDEO: Chuck Schumer is on board with plans for a new stop on the No. 7 line
Schumer revives call for another station on No. 7 subway line
Schumer revives call for another station on No. 7 subway line
Schumer revives call for another station on No. 7 subway line
EB-5 champions in Congress show strong financial ties to real estate industry
EB-5 champions in Congress show strong financial ties to real estate industry
EB-5 champions in Congress show strong financial ties to real estate industry
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...