|Update 12-18-2014: Note: US Senate failed to pass companion legislation before adjournment. See subsequent post for more information. The TRICA has received more media attention in light of the hacking attack and threatened reprisals on Sony pictures and the alleged connection to North Korea.|
Today's post is shared from thehill.com/
The House on Wednesday passed legislation to extend the terrorism risk insurance program through 2020 despite objections from Democrats over the inclusion of unrelated provisions to change the Dodd-Frank financial overhaul.
The measure passed overwhelmingly by a vote of 417-7. All of the seven votes in opposition were from Republicans.
Congress created the Terrorism Risk Insurance Act (TRIA) in 2002 as a temporary program following the Sept. 11 attacks. It allows for the federal government to recoup costs for businesses after a terror attack in which the damage exceeds $100 million.
House Financial Services Committee Chairman Jeb Hensarling (R-Texas) and Sen. Chuck Schumer (D-N.Y.) negotiated a six-year reauthorization and doubled the damage threshold to $200 million.
It's unclear if the bill will die in the Senate as Schumer has suggested, though the near-unanimous vote in the House could make it harder for the upper chamber to ignore.
Senate Democrats and the White House oppose an amendment that they say would weaken the 2010 Dodd-Frank Wall Street reform law. The provision would no longer require non-financial institutions — dubbed "end users" — from following the same regulations as big banks.
The White House said it "strongly opposes" the Dodd-Frank reforms included in the measure, but stopped short of a veto threat.
Republicans — along with 181 House Democrats who supported a House version of the "end users"...