The House Financial Services Committee should vote onTRIA-extension legislation in the third or fourth week of June, butthe version that comes out of the committee will not likely be whatultimately passes Congress, Rep. Peter King, R-NY, says.

Speaking at Advisen's Property Insights Conference in New York,King says he believes a TRIA extension will ultimately be "at leastfive years" and "hopefully" as close to the program's currentversion as possible.

He notes that House FSC Chairman Jeb Hensarling,R-Texas, was initially opposed to any TRIAreauthorization, and later proposed a three-year reauthorization that would raise thetrigger to $500 million from the current $100 million and makeother changes that King felt made the bill "untenable."

"Now, we're negotiating," he says, saying many issues have beenworked out, although he notes the trigger is still a "stickingpoint."

King says as an FSC member, he will vote for a bill he does notnecessarily like just to get it out of that committee andto the House floor, at which point the true version of the billwould begin to take shape. In fact he says the bill thatcomes out of the FSC could very well be "barelysatisfactory." 

But he expressed optimism that final legislation that will bevoted on after the House and Senate reconcile their bills will bemuch closer to the Senate version, with a lower trigger than theFSC is contemplating and at leasta five-year term. 

King notes that while Republicans in the House are more likelyto push for changes, Republicans and Democrats in the Senate willprobably overwhelmingly pass the bill that came out of the SenateBanking Committee earlier this week. That bill renews the program for seven yearsand retains the $100 million trigger. King says if the final billthat comes out of the conference committee—where the House andSenate reconcile their bills—is not identical to the Senateversion, then it will be close.