Today the Senate Banking Committee (SBC) held a hearing on TRIA reauthorization. Committee Chairman Tim Johnson and ranking member Mike Crapo both voiced support for TRIA and stated that reauthorization was a priority of the SBC.
In his opening remarks, Chairman Johnson stated "Another long extension will promote economic growth, providing certainty for commercial property development and job creation across the country."
Ranking member Crapo said that his and Sen. Johnson's staffs have "worked toward developing a bipartisan approach to reauthorizing this program" and that "we can and should continue to promote private capital ahead of the government backstop."
Witnesses provided testimony on behalf of: the Coalition to Insure Against Terrorism; Risk and Insurance Managements Society; the Council of Insurance Agents & Brokers; the Property Casualty Insurers Association of America; the National Association of Mutual Insurance Companies; and the American Insurance Association.
If you are an ABIA member and would like to learn more about ABIA's support of TRIA or join our TRIA Task Force, please contact Renee Galbraith and visit our website.
TRIA reauthorization will be discussed at tomorrow's ABIA Washington Forum.
Learn more from the Senate Banking Committee.