WASHINGTON–Democrats in Congress will seek to extend the Terrorism Risk Insurance Act for as long as five years and to expand the program, Rep. Barney Frank, D-Mass., incoming chairman of the House Financial Services Committee, said yesterday.
His party's plan for TRIA constitutes a reversal of current policy under the Republican majority. The GOP, and especially the White House, insisted that the program be narrowed when it was extended last December until Dec. 31, 2007 and said this would be last extension of the program.
At the same time, industry officials privately cautioned that the House has consistently been more expansive about support for the government backup program for insurer's large terrorism losses than the Senate.
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