It's back to the drawing board for House Republicans on legislation reauthorizing a federal backstop for terrorism risk insurance.
Rep. Maxine Waters, D-Calif., ranking member of the House Financial Services Committee, disclosed last night that House Republicans failed to gain enough support to push through a bill that would effectively phase out a federal backstop for terrorism risk insurance after five years except for nuclear, biological, chemical and radiation (NBCR) risks.
In the wake of the head count, Waters called on members of both parties "to work together to achieve consensus on the renewal of the Terrorism Risk Insurance Act (TRIA)."
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