President Bush is willing to sign a stripped down version of a bill that would extend the Terrorism Risk Insurance Act for 7 more years.

The current TRIA bill is set to expire Dec. 31.

Treasury Secretary Henry Paulson explained the Bush administration’s new position on TRIA extension Tuesday in a letter to the leaders of the Senate Banking Committee.

Bush would support a 7-year extension if Congress approves a 3-page TRIA extension bill intact, Paulson wrote.

In the past, Bush has argued that any TRIA extension should be as short as possible.

The 3-page bill excludes protection for group life insurers.

After receiving the Paulson letter, members of the committed voted 20-1 to approve the 3-page extension bill.

The committee member who voted against the 3-page bill was Sen. Wayne Allard, R-Colo.