WASHINGTON–The Bush administration late yesterday effectively threw in the towel to its opposition to an extension of legislation providing federal support for insurers after catastrophic terror attacks.
Treasury Secretary Henry Paulson in a letter said the White House would support a seven-year extension of the Terrorism Risk Insurance Act program if the legislation developed by the Senate is approved by Congress intact. TRIA is set to expired Dec. 31.
When the bill came before the Senate Banking Committee today, the panel voted 20-1 to send it to the Senate floor. The only dissenter was Sen. Wayne Allard, R-Colo.
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