Washington–The Bush administration believes the U.S. governmentshould not continue providing a backstop for terrorism insurancemuch longer, a Treasury official discussing the Terrorism RiskInsurance Act told National Underwriter.
"We are committed to the notion that the Terrorism RiskInsurance Act was and is a temporary program, and we believe thatthe private market will adjust better if the government can get outof the way," said Emil W. Henry Jr., new assistant secretary of theTreasury for financial institutions.
His comments were made in an interview yesterday with TRIA dueto expire Dec. 31, and Congress–especially the Senate–aiming tofinish its work for the year and go home by Thanksgiving Day.
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