Earlier this week, the House overwhelmingly passed S.2244 as amended, which reauthorizes TRIA for six years and establishes the National Association of Registered Agents and Brokers (NARAB II). See the section-by-section summary for details.
The industry was hopeful that the Senate would pass this legislation yesterday under unanimous consent; however, retiring Sen. Coburn (R-OK) objected to NARAB II due to his concerns regarding states rights under NARAB II and his belief that TRIA is not necessary.
If the Senate fails to pass the legislation before they adjourn for the last session of this Congress, TRIA will expire at the end of this month and implementation of NARAB II will again be delayed.
According to Senate leadership, consideration of TRIA and NARAB II is "on the horizon" but no time has been set aside for debate or voting, and S. 2244 as amended is not on the official Senate schedule.
Senate contacts have stated that the earliest the Senate is expected to vote on TRIA/NARAB II, if at all in this Congress, is Saturday. Another possibility is for Congress to adjourn without acting and then pass in early January when the new Congress convenes. If this happens, the bill would have to be reintroduced and passed in both the House and Senate.
TRIA and NARAB II are top legislative priorities for the ABIA and we continue to advocate for the timely passage of both. Based on what the House passed, ABIA has updated our TRIA comparison matrix.
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