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.