Today, the 114th Congress convenes with a Republican controlled House of Representatives and Senate. The new Congress includes 13 new Senators and 58 new Representatives. Among their top priorities is reauthorizing the Terrorism Risk Insurance Act. Republican leadership has put TRIA reauthorization on fast-track procedure and the House will likely vote as soon as Wednesday.
The program expired on December 31 after the Senate was unable to reach a deal on reauthorization. House Financial Services Committee Chairman Jeb Hensarling (R-Texas) has been working with Republican leadership to move TRIA quickly to the floor. A broad coalition of business groups has pressured lawmakers to reauthorize TRIA, which allows for the federal government to act as a backstop following a catastrophic terrorist attack.
ABIA has been a strong industry advocate for the reauthorization of TRIA since it was first created in 2002.