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.