The chairman of the House Financial Services Committee says he wants to provide certainty to the Terrorism Risk Insurance Act.
To that end, Rep. Jeb Hensarling, R-Texas, today proposed a "clean" seven-month extension of the current program, until Aug. 1, 2015, in case Congress is unable to come to terms on longer-term reauthorization legislation. Hensarling says the clean extension, if necessary, would allow further debate on the future scope of the program without jeopardizing the marketplace.
But an industry official, who asked not to be named, says the clean extension offering is not a sign that Hensarling is willing to compromise on his House bill calling for a slimmed-down version of TRIA as part of a five-year extension, but rather it is "a threat." That is, the official says Hensarling is betting he would have a more conservative Congress to work with after the mid-term elections and "wait for a 'better' Congress rather than being jammed by the Senate and industry."
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