NU Online News Service, May 6, 3:08 p.m. EDT--The chairman of the Senate Banking Committee said that Congress should very carefully consider the need to extend the Terrorism Risk Insurance Act, and what form that extension should take, if any.
The comments of Sen. Richard Shelby, R-Ala., were interpreted by one industry lobbyist as supporting the position of Rep. Tom DeLay, R-Texas, the House majority leader.
Mr. DeLay has argued that Congress should look at a long-term solution involving a federal backstop specifically for nuclear, biological, chemical and radiation risks, but rejects extending the current program for two more years to cover other terror acts.
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