Now that the Senate has passed legislation extending the federal terrorism reinsurance backstop for seven years, the question is whether Rep. Barney Frank, D-Mass., will make good on his threat to push for a four-month extension of the status quo rather than accept a bill that falls far short of his more expansive House measure.
What happens if Rep. Frank, who chairs the House Financial Services Committee, puts his foot down and refuses to be pressured by TRIA's looming Dec. 31 expiration to go along with the Senate's more modest version, but the Senate declines to accept his "bridge bill" to extend debate on a longer-term solution into next spring? Will TRIA be allowed to expire come New Year's Day?
Those were the troubling questions facing lawmakers and industry lobbyists as Congress recessed for the Thanksgiving holiday last week. The Senate returns to work on Dec. 3, while the House is back on Dec. 4.
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