Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, today said work continues on pressing the Senate to expand its version of the federal terrorism risk insurance program extension bill.
The Terrorism Risk Insurance Act extension law that now authorizes continuation of the terrorism risk insurance program expires Dec. 31.
The House has passed a 15-year extension bill that would add group life insurance to the program, protect insurers against events involving weapons of mass destruction, and include many other provisions sought by insurers.
President Bush has threatened to veto a broad terrorism program extension bill.
The Senate has responded to the veto threat by passing an extension bill that makes few changes to the program. The most significant change would be a provision that extends the terrorism risk insurance program to include domestic terrorism.
Fiscal hawks in the Senate are welcoming passage of the Senate’s relatively narrow TRIA extension bill and emphasizing the need for quick action on the bill.