Washington–Federal Reserve Board chairman Alan Greenspan gave measured support to extension of the Terrorism Risk Insurance Act today and a House subcommittee scheduled a hearing on the issue for next Wednesday.
Meanwhile, insurance organization lobbyists said that another key piece of legislation involving the insurance industry, the State Modernization and Regulatory Transparency Act (SMART) will apparently have its introduction delayed until Congress returns to work after Labor Day.
The SMART bill would establish federal standards for state insurance regulation and is being promoted by both the life and property-casualty industries. But delay in introducing the bill, especially given the coming battle over a Supreme Court justice, could push action on such into next year, as well as reduce momentum for such a bill.
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