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Wednesday, June 4, 2014

Senate Committee Approves TRIA Reauthorization

Yesterday,  the Senate Banking Committee unanimously approved S.2244, the Terrorism Risk Insurance Program Reauthorization Act of 2014.  The vote was 22-0, suggesting overwhelming bi-partisan support for the program’s extension under much the same terms as current law.
The Senate bill renews TRIA for a further seven years and increases both the amounts taxpayers can recoup from damages the government pays for and the threshold for paying damages once an certified attack has occurred.

There were some amendments to the Senate bill, a number of amendments we accepted as part of a manager’s amendment.  We are still pulling together the details on this amendment and we will forward you additional information once it becomes available.   One amendment, offered by Senator Tom Coburn (R-OK), would give the Secretary of Treasury additional discretion to extend the timeline for mandatory recoupment collection to 10 years from an event if the mandatory recoupment amount is larger than $1 billion.  This amendment failed 6-16.

ABA and ABIA have a matrix comparing the various TRIA renewal proposal in congress. It will be updated and available to members shortly.

Read ABIA’s letter on S. 2244.

If you would like to learn more about ABIA's support of TRIA or join our TRIA Task Force, please contact us and visit our website.

For more information, please contact Kevin McKechnie.