The Republican majority of the House Financial Services Committee won't support a simple extension of the Terrorism Risk Insurance Act, and is instead drafting proposals calling for far less of a federal backstop.
The leadership of the committee is acting in the face of adamant opposition from House Majority Leader Rep. Tom DeLay, R-Tex., and the Bush administration.
In the face of that, committee staff of the House Financial Services Committee will outline to lobbyists next week two alternative proposals, a source close to the committee said late today.
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