House Democrats last week passed legislation expanding theSenate version of a bill extending the federal terrorismreinsurance backstop for seven years, while at the same timeacknowledging that the ultimate bill is virtually certain not tocontain the added provisions.

At the same time, Rep. Barney Frank, D-Mass.--chair of the HouseFinancial Services Committee and chief sponsor of the moreexpansive House bill--said during a floor debate he is reservingthe right to demand changes next year that would add two keyprovisions to the Terrorism Risk Insurance Act program.

Rep. Frank said his dilemma stems from the fact that the Senateis insisting its bare-bones, seven-year extension of the currentprogram be the final product sent to President George W. Bush, whohas threatened to veto anything more expansive.

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