Washington--Congress will extend the Terrorism Risk Insurance Act before it adjourns this fall, but the substance of the bill and its timing remains murky, legislators and staff indicated today.
In comments at a Senate Banking Committee hearing on flood insurance issues Tuesday, Sen. Robert Bennett, R-Utah, said he was "pleased" that Majority Leader Sen. William Frist, R-Tenn., "has placed extension of TRIA on his list of items that need to be addressed before we adjourn."
And, in the House, staff officials of the House Financial Services Committee are signaling that they are drafting legislation extending TRIA, albeit in a different form than suggested by the Treasury Department in its June study of how the federal backstop bill has worked since enactment in 2002.
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