Update: Robert Costa, a Washington Post reporter, said on Twitter today that Hensarling has decided not to run, leaving Rep. Pete Sessions (R-Tex.), chairman of the House Rules Committee, as the only likely opponent against McCarthy for the House majority leader post.
Today's resignation of Eric Cantor as House majority leader following his stunning primary defeat would lead a pundit with a background as a meteorologist to say the outlook for prompt passage of legislation sought by the property and casualty insurance industry is cloudy at best.
That's because Cantor's defeat will strengthen the ability of conservatives demanding a lesser role for the federal government to push through legislation weakening the Terrorism Risk Insurance Act, whose reauthorization is by far the No. 1 priority for the P&C industry. The current program sunsets Dec. 31.
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