June 18, 2014

7-year TRIA renewal in mark-up today

June 19, 2014 – The House Financial Services Committee is scheduled today to mark up H.R. 4871, which would reauthorize the Terrorism Risk Insurance Act for seven years. The federal program is currently set to expire Dec. 31.

TRIA was created after 9/11, when insurers stopped offering terrorism risk coverage as part of their commercial property losses. The statute created a federal government backstop for terrorism risk coverage and has been reauthorized twice.

The House bill was introduced by Rep. Randy Neugebauer, R-Texas, with one cosponsor. Neugebauer is the chairman of the House Financial Services Subcommittee on Housing and Insurance. Companion legislation, S. 2244, was introduced in the Senate by Sen. Chuck Schumer, D-N.Y., and was reported out favorably by the Senate Banking Committee earlier this month. It has 23 cosponsors and awaits action of the full Senate.

The committee is also scheduled to consider two pieces of legislation related to the Financial Stability Oversight Council. NAFCU supports the FSOC Transparency and Accountability Act, H.R. 4387, introduced by Rep. Scott Garrett, R-NJ, which would require the FSOC to hold open meetings and comply with the requirements outlined in the Federal Advisory Committee Act.