House Refuses to Schedule TRIA Action

WASHINGTON, DC-It’s a disappointment for many members of the real estate industry, insurance industry and a bevy of congressional members. Despite much prodding, leaders of the US House of Representatives have decided against scheduling action on the Terrorism Risk Insurance Act of 2002 before Congress recesses for the year. TRIA is scheduled to expire Dec. 31, 2005.

The Real Estate Roundtable, the Coalition to Insure Against Terrorism and other involved groups had been pressuring House leadership to include the extension legislation, HR 4634, as an amendment to Sept. 11-related legislation that is currently on the table. Additionally, 25 Democratic House members presented House Speaker Dennis Hastert with a letter imploring the leadership to act on the proposed two-year extension before the end of the session.