Terrorism Risk Insurance Act Extension Moves Forward in Congress

The Terrorism Risk Insurance Act is scheduled to expire on December 31, 2005. However, last week both the Senate Banking Committee and the House Financial Services Committee today approved different versions of legislation that would extend TRIA for two years.

On Friday, the full Senate voted to approve the Senate version of the extension legislation. The White House has indicated support for the Senate version, but has reservations about the House version which would be more expensive. The full House of Representative is expected to vote on the House version of the extension legislation after Thanksgiving recess.