Washington–The House and Senate financial services committeesoverwhelmingly approved bills today that extend the Terrorism RiskInsurance Act.
Passage of the measures by both panels came despite statementsfrom U.S. Treasury officials that the White House has concernsabout increasing government insurance industry involvement. Thelegislation in the works would extend TRIA, the federal backstopfor terrorism insurance, beyond its current expiration date of Dec.31.
However, industry lobbyists said because the bills are markedlydifferent, it is likely that Congress will not send a bill toPresident Bush to sign before mid-December.
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