WASHINGTON–House Democrats are moving on legislative action today designed to signal the Senate that some House provisions must be included in a final bill extending the federal backstop for terrorism risk insurance.
According to insurance industry lobbyists and a spokesman for Rep. Gary Ackerman, D-N.Y., the revised bill will be taken up at noon today by the House Rules Committee, the gatekeeper for floor action, with floor action next Tuesday or Wednesday. A spokesman for Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, said the same thing.
The spokesman for Rep. Ackerman quoted the congressman as saying the goal is to put pressure on Senate lawmakers to negotiate with the House, especially since the current legislation, the Terrorism Risk Insurance Extension Act, expires at the end of the month.
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