According to congressman Randy Neugebauer, Chairman of the Financial Services Subcommittee on Housing and Insurance, the Members on the Majority side of the Committee are to unveil a draft outline that would reauthorize TRIA, but also modernize and reform the Program. They are working with Members over the next two weeks to finalize that draft. I will also sit down with our Ranking member to solicit his feedback with the hopes of working on a bipartisan basis. From there we plan to release a draft bill with the intention of holding a mark-up in June.
The post-9/11 law, renewed twice previously, is set to expire again on Dec. 31, 2014. TRIA would provide federal reinsurance coverage in the wake of a terrorist attack, and has support of the insurance industry and many in the business community. Some Republicans and other groups, such as the Consumer Federation of America, are pushing to let TRIA lapse or make major changes because they see it as hampering a viable private terrorism insurance market.