WASHINGTON– Industry groups reacted to today's Senate vote approving legislation extending federal supports for terrorism insurance by urging lawmakers to quickly reconcile the Senate bill with House legislation.
The Senate measure, which is less expansive than the House version would continue the federal backstop for terrorism risk for 7 years, through 2014. The bill is titled the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) of 2007.
Sen. Chris Dodd, D-Conn., chairman of the Senate Banking Committee, said "[Rep.]Barney Frank[D, Mass., House Financial Services Committee chairman] and I have a very good relationship" and he's "quite confident" that the House and Senate can work out their differences in time to get something through before Congress adjourns for the year.
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