Washington–The House and Senate financial services committees overwhelmingly approved bills today that extend the Terrorism Risk Insurance Act.

Passage of the measures by both panels came despite statements from U.S. Treasury officials that the White House has concerns about increasing government insurance industry involvement. The legislation in the works would extend TRIA, the federal backstop for terrorism insurance, beyond its current expiration date of Dec. 31.

However, industry lobbyists said because the bills are markedly different, it is likely that Congress will not send a bill to President Bush to sign before mid-December.