President Bush has signed a two-year extension of a federal terrorism re-insurance program and a bill that provides tax incentives for rebuilding Gulf Coast communities that were devastated by hurricanes Katrina and Rita.The extension of the Terrorism Risk Insurance Act, which was due to expire Jan. 1, is a major victory for real estate and financial services groups. "It would have been difficult, if not impossible, for policyholders to obtain affordable terror coverage in the absence of such a [federal] program," according to the Coalition to Insure Against Terrorism. "Construction and hiring would have slowed." The president also signed the Gulf Coast Opportunity Zone Act (H.R. 4440), which allows Gulf Coast states and municipalities to issue tax-exempt bonds to finance commercial and residential projects. The tax bill also contains special provisions to help businesses recover and rebuild. "It's a step forward to fulfill this country's commitment to help rebuild," the president said. Congress also passed, and cleared for the president's signature, the defense appropriations bill, which includes $29 billion in hurricane disaster assistance. "These bills are important for the future of the Gulf Coast," Mr. Bush said.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11