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House Banking Panel Passes Terrorism Risk Insurance Bill

JUN 20, 2014 12:51pm ET
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The House Financial Services Committee approved legislation Friday to extend and modify the Terrorism Risk Insurance Act.

The vote was split down party lines. The panel voted 32-27 to reauthorize TRIA for five years and make changes to when the program is triggered and how terrorist events are classified. The program serves as a government backstop in the case of a major terrorist attack. The Senate Banking Committee unanimously passed a competing bill that reauthorizes TRIA for seven years and makes separate changes to the program earlier this month.

I applaud my colleagues on the committee for passing the TRIA Reform Act to finally begin the transition to a terrorism risk insurance market that is more accountable to American families and hardworking taxpayers, said Rep. Randy Neugebauer, R-Texas, the lead sponsor of the bill, in a press release.

Debate over the bill began on Thursday.

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