A high-level member of the Bush administration is confirming the administration’s opposition to inclusion of group life in the Terrorism Risk Insurance Act.[@@]
Emil W. Henry Jr., the new assistant secretary of the Treasury for financial institutions, said point blank in an interview, “We oppose inclusion of group life in any extension of the TRIA program.”
The law that created TRIA, enacted in the wake of the Sept. 11, 2001, terrorist attacks, is set to expire Dec. 31.
Time for passing any kind of TRIA extension is running short, especially in the Senate, because members of Congress want to finish their work for the year before Thanksgiving.
The majority staff of the House Financial Services Committee is including a group life provision in its efforts to write TRIA extension legislation, and the idea of adding group life to TRIA appears to have broad, bipartisan support in the House.
But the Bush administration is focusing on shaping the TRIA extension language in the Senate, where the staff of the Senate Banking Committee is working on a narrow extension measure with a firm sunset date and no group life provision.
Why is the Bush administration so firmly opposed to including group life in TRIA?