July 18, 2014 – The Senate approved a reauthorization of the Terrorism Risk Insurance Act for seven years, passing S. 2244 through a vote of 93-4.Without an extension, TRIA will expire Dec. 31. The House Financial Services Committee in June favorably reported out H.R. 4871, which would reauthorize TRIA – but only for five years – and make significant changes to the program. H.R. 4871 was introduced by Rep. Randy Neugebauer, R-Texas, who chairs the panel’s housing and insurance subcommittee.H.R. 4871 was cleared after the committee rejected an amendment from Rep. Maxine Waters, D-Calif., to provide a straight reauthorization for 10 years. The full House has yet to act on H.R. 4871.
During consideration of the bill yesterday, the Senate also approved, through a voice vote, a non-germane amendment from Sen. David Vitter, R-La., which would call for least one member of the Federal Reserve Board of Governors to have community bank or community bank-supervision experience. The House version of the bill has no such amendment. Federal Reserve Board Chairman Janet Yellen indicated her opposition to mandating such a requirement in testimony before the Senate Banking Committee earlier this week. NAFCU has previously urged the president to consider a nominee with credit union experience for the board.