The House of Representatives put Congress on a collision course with the White House after passing legislation last week extending the Terrorism Risk Insurance Act for another 15 years while expanding the federal backstop's coverage, despite a presidential veto threat.
The Bush administration made clear before the vote that it wants a bill far narrower in scope and of much shorter duration, or else a veto might be in the offing, setting the stage for a showdown as TRIA's expiration nears.
However, there is still time to avoid a confrontation, as the Senate has yet to act on TRIA, and industry groups–while praising the House action–vowed to seek changes in the bill's scope and execution.
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