WASHINGTON–The top lawyer at the House Financial Services Committee today painted a bleak future for government support for terrorism risk insurance going forward.
Indeed, Congress is likely to "let history repeat itself" by waiting until the last minute next year before passing any extension of the current Terrorism Risk Insurance Act–if it acts to extend the program at all, said Robert Gordon, senior counsel at the House Financial Services Committee.
He made his comments here at a seminar sponsored by Wachovia Insurance Services and the Chamber of Commerce, entitled: "The President's Report and TRIA's Future: Legislative Analysis and Problem Outcomes."
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