Washington–With the clock winding down on expiration of the Terrorism Risk Insurance Act, the House of Representatives late yesterday proposed accepting the bulk of a narrower Senate extension bill, a move that will please the White House and likely result in passage of compromise legislation this week, the National Underwriter has learned.
The concessions were contained in a document submitted to Senate negotiators by the staff of the House Financial Services Committee in preparation for the opening of talks today on a compromise bill. Rep. Mike Oxley, R-Ohio, chairman of the House Financial Services Committee, and Sen. Richard Shelby, R-Ala., chairman of the Senate Banking Committee will meet to negotiate the final details.
The talks are opening against the background of congressional efforts to complete its work for the year by this weekend and the fact that, unless extended, TRIA sunsets Dec. 31.
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