Democrats in Congress will seek to extend the Terrorism Risk Insurance Act for as long as five years and expand the program–perhaps even to reinsure natural catastrophes–according to Rep. Barney Frank, D-Mass., the incoming chairman of the House Financial Services Committee.
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 the last extension of the federal reinsurance backstop.
At the same time, industry officials privately cautioned that the House has consistently been more expansive about support for TRIA than has the Senate.
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