Officials of the insurance and real estate industries today sought to make clear at a Senate Banking Committee hearing today that there is no viable private option to renewal of the Terrorism Risk Insurance Act, legislation which sunsets at the end of the year.
At the same time, panel Chairman Sen. Tim Johnson, D-S.D., opened the hearing by stating he looks forward to continue working with Sen. Mike Crapo, R-Idaho, ranking minority member, "and our colleagues [on the committee] to move forward with a bill to extend TRIA in short order."
Crapo said in response that the Democratic and Republican staffs will continue to work "toward developing a bipartisan approach to reauthorizing this program."
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