The Bush administration threw cold water on legislation introduced last week providing a long-term extension of the Terrorism Risk Insurance Act, although it is not clear whether the President would veto the bill if its proposed 10-year term is not cut short.
"It is important that the program remain temporary and short-term," David Nason, assistant secretary of the Treasury for financial institutions, testified before a House subcommittee.
"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 added. "Unfortunately, H.R. 2761 does not meet these critical elements."
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