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Wednesday, December 10, 2014

House Passes TRIA Renewal and NARAB II

ABIA is pleased to report that the House has passed S. 2244 as amended, which includes TRIA renewal and creation of the National Association of Registered Agents and Brokers (NARAB II), both legislative priorities for the ABIA.

It passed with overwhelming bi-partisan support, 417-7 (all 7 nays were republicans) and we expect it to pass the Senate tomorrow.

TRIA Provisions:
  • will be renewed for six years, through December 31, 2020;
  • no bifurcation of NCBR and conventional acts;
  • increases the program trigger to $200 million;
  • decreases the Federal share of losses to 80%;
  • increases the mandatory recoupment amount to $37.5 billion;
  • changes the certification process by requiring the Tresury Secretary consult with the Secretary of Homeland Security; and
  • includes several studies and reporting requirments.  See the section-by-section summary for details.
Based on what the House passed today, ABIA has updated our TRIA comparison matrix.  

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