WASHINGTON, DC-The US Senate Banking Committee has passed a measure to extend the federal backstop on terrorism insurance for the next seven years. The Committee also voted to broaden the scope of the coverage to include domestic terrorism as well as foreign.
The bill, sponsored by Senators Chris Dodd (D-CT) and Richard Shelby (R-AL), will move to the Senate floor for a full vote. Aside from its inclusion of domestic terrorism, though, the Senate bill is far narrower than the one passed by the House of Representatives last month.
The House bill extended the backstop to 15 years; worse–at least according to advocates of small government–it also added group life insurance to TRIA and support for damages caused by nuclear, biological, chemical or radiological attacks. The Senate bill does not.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
