An intense effort is underway to bring to zero the budget cost of the Senate's version of legislation extending the federal backstop for terrorism risk, so the bill can be enacted by the end of the year.
The purpose of the initiative is to set the stage for prompt action on final legislation when Congress returns Dec. 3, and that during the vacation period talks can be held between Senate Banking and House Financial Services Committee staffers to establish common ground on a final bill.
The effort involves all interested parties, including insurers, policyholders, the Congressional Budget Office and the staff of the Senate Banking Committee, according to multiple sources.
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