Washington–With the clock winding down on expiration of theTerrorism Risk Insurance Act, the House of Representatives lateyesterday proposed accepting the bulk of a narrower Senateextension bill, a move that will please the White House and likelyresult in passage of compromise legislation this week, the NationalUnderwriter has learned.
The concessions were contained in a document submitted to Senatenegotiators by the staff of the House Financial Services Committeein preparation for the opening of talks today on a compromise bill.Rep. Mike Oxley, R-Ohio, chairman of the House Financial ServicesCommittee, and Sen. Richard Shelby, R-Ala., chairman of the SenateBanking Committee will meet to negotiate the final details.
The talks are opening against the background of congressionalefforts to complete its work for the year by this weekend and thefact that, unless extended, TRIA sunsets Dec. 31.
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