June 20, 2014

House committee clears TRIA, FSOC bills

June 23, 2014 – The House Financial Services Committee on Friday favorably reported out H.R. 4871, which would reauthorize the Terrorism Risk Insurance Act for five years, and two measures promoting transparency at the Financial Stability Oversight Council.

The committee voted to approve all three measures by a vote of 32-27.

NAFCU supports the "FSOC Transparency and Accountability Act," H.R. 4387, which was introduced by Rep. Scott Garrett, R-N.J. The bill would require the FSOC to hold open meetings and comply with the requirements outlined in the Federal Advisory Committee Act. The other measure, H.R. 4881, would place a 6-month moratorium on FSOC's authority to make financial stability determinations.

The seven-year extension of TRIA, H.R. 4871, was cleared after the committee rejected an amendment from Rep. Maxine Waters, D-Calif., to increase it to 10 years. H.R. 4871 was introduced by Rep. Randy Neugebauer, R-Texas, who chairs the panel's housing and insurance subcommittee.

Without an extension, TRIA will expire Dec. 31. The Senate Banking Committee has passed a companion measure, S. 2244, introduced Sen. Chuck Schumer, D-N.Y. It awaits Senate action.