barney.jpgRep. Barney Frank threw down the gauntlet last month on extension of the Terrorism Risk Insurance Act, insisting that he would not be bullied by the U.S. Senate into abandoning his broader vision for the program and swallowing the more limited Senate bill at the 11th hour. But with the federal reinsurance backstop set to expire Dec. 31, the Senate showing no signs of caving in and a White House veto threat looming, will Barney blink rather than let TRIA pass into oblivion? I think he must and he will.

I was impressed by Rep. Franks bravado when I watched him stride confidently on stage and draw his line in the sand during a late October speech in Boston at the annual meeting of the Property Casualty Insurers Association of America.

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