Dems Want to Expand TRIA, Extend 10 Years

Democrats on the House Financial Services Committee have introduced a bill to extend the federal government's terrorism insurance program by 10 years and expand insurance coverage for nuclear, biological, chemical, and radiological acts of terrorism.The bill also adds group life insurance to the lines of insurance for which terrorism coverage must be made available. "We need to keep in perspective that this bill is necessary for economic development and to protect property owners, building tenants, developers, and people who work or live in high-risk areas," said Financial Services Committee Chairman Barney Frank, D-Mass. The first House hearing on the terrorism insurance bill is scheduled for June 21. Senate Banking Committee Chairman Christopher J. Dodd, D-Conn., said he supports an extension of the Terrorism Risk Insurance Act. "I will examine the House bill as part of this committee's ongoing work to find a more permanent solution to ensure that TRIA's proven economic protections are retained and extended," Sen. Dodd said.