Democrat leaders in both the House and Senate are voicing strong support for prompt action on a permanent extension of the Terrorism Risk Insurance Act when they take control of Congress next year. Sen. Chris Dodd, D-Conn., said he does not favor further extension of the current program, which expires Dec. 31, 2007, preferring a longer-term solution.
"It's an issue we'd like to see if we can get something done early, if we go with some sort of a permanent proposal," said Mr. Dodd, whose state is home to many insurers. "I don't want to go through another extension."
And, in comments at a law firm seminar on the issue Wednesday, Todd Harper, a legislative assistant to Rep. Paul Kanjorski, D-Pa., who will chair the key Capital Markets Subcommittee of the House Financial Services Committee in the next Congress, voiced a similar opinion. Mr. Harper said the House would try to act sooner rather than later.
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