PIA-supported legislation to reauthorize the Terrorism Risk Insurance Program, part of the Terrorism Risk Insurance Act (TRIA), passed the U.S. House on the evening of November 18 in a bipartisan vote of 385-22.
The bill, H.R. 4634, extends authorization of the TRIA program for seven years while only making minimal changes to it, a key request PIA National has been pushing for in our advocacy. H.R. 4634 passed the Financial Services Committee unanimously in October with PIA’s full support, and since then PIA National has been urging its prompt consideration on the House floor. See our press release here.
PIA National has also been actively meeting with offices on the Senate side encouraging action there, and we’re pleased our advocacy has paid off as later this week the Senate Banking, Housing and Urban Affairs Committee will meet to consider a companion bill to the House passed TRIA reauthorization. PIA strongly supports this legislation as well and is asking the committee to pass it without major amendments.
With the positive action this week on TRIA, PIA National is increasingly optimistic the program will be reauthorized well before its expiration date, which is not until next year, on December 31, 2020.