Five Democratic congresspersons introduce HR 1153, which would also extend TRIA's vital "make available" provision--a stipulation that obliges insurance companies to make terrorism insurance available on the same terms as property and casualty insurance--for an additional two years; the provision had been scheduled to expire at the end of August 2004 until the US Department of the Treasury stepped in and extended the provision's expiration to coincide with that of TRIA. HR 1153 comes on the heels of the US Senate's introduction of a similar bill that calls for TRIA's extension, S. 467.

"There is a growing Hill recognition for the vital role TRIA plays in maintaining the stability of the commercial real estate finance industry," says Kurt Pfotenhauer, senior vice president of government affairs for the Mortgage Bankers Association. "MBA is hopeful that the House Financial Services Committee can forge a bipartisan solution and act now to extend the program."

The Coalition to Insure Against Terrorism, an entity that represents organizations ranging from real estate to entertainment that back TRIA's prolonged existence, is also applauding Congress's most recent effort to secure a TRIA extension. "This is another sign of the growing Congressional commitment to maintain the nation's economic security," notes CIAT's Martin L. DePoy, who is vice president for government relations at the National Association of Real Estate Investment Trusts. "Amid warnings by intelligence officials that further attacks on the homeland are likely and an acknowledgement by the Federal Reserve chairman that the private market alone cannot adequately insure against the continuing threat, these lawmakers realize that Congress must act sooner rather than later to provide for the availability of terrorism insurance into next year."