WASHINGTON–The Bush administration today threw cold water on legislation introduced earlier in the week providing a long-term extension of the Terrorism Risk Insurance Act.
David Nason, assistant secretary of the Treasury for financial institutions, testified before a House subcommittee that it is important that the program, which provides a federal backup for insurers' losses after a major terrorist attack, “remain temporary and short-term.”
“The following three elements are critical if TRIA is to be reauthorized for a second time: the program remains temporary and short-term; private sector retentions are increased; and there is no expansion of the program,” Mr. Nason said. “Unfortunately, H.R. 2761 does not meet these critical elements.”
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