Washington–A disappointed House of Representatives Saturday night reluctantly approved legislation extending a stripped-down version of the Terrorism Risk Insurance Act for two years.
The bill was passed by voice vote without opposition. The Senate had eagerly passed the bill–which closely followed its own limited proposal–late Friday night.
"There is a time to fold your cards, and the time is now," said Rep. Mike Oxley, R-Ohio, chair of the House Financial Services Committee, who was the champion of a more ambitious TRIA extension measure that would have restructured and expanded the federal terrorism reinsurance program.
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