A year-long effort on the part of a broad coalition of Americanbusinesses to secure a long-term renewal of the Terrorism RiskInsurance Act (TRIA) came to an end at 10:44 p.m. Eastern Time onDec. 16, 2014. That's when the U.S. Senate adjourned for the yearwithout acting on TRIA.

Reauthorization of TRIA should never have been in doubt. Daysbefore, the U.S. House of Representatives approved abipartisan bill extending the terrorism insurance program forsix years on a vote of 417-7. The Senate had passed a similar billby an equally lopsided margin in July, 93-4. Leadership of bothparties in both chambers strongly backed renewal and worked to geta compromise deal done.

The National Association of Professional Insurance Agents (PIA)is shocked and dismayed that Congress would adjourn without doingits job by passing a long-term renewal of TRIA, especially at atime of increasing terrorist threats.

"Disagreement won the day and politics took precedence overprotecting the American people," said PIA National Executive VicePresident & CEO Mike Becker. "If TRIA is allowed to lapse itwill not only be devastating to the American economy, it will alsoput our national security at risk. PIA calls on Congress to comeback as soon as possible and finish its work by extending TRIA, sothe American people will not be unprotected. Holiday activities canwait."

Other coalition members expressed similar sentiments.

How Did It Happen?
So, how did legislationthat enjoyed nearly unanimous, bipartisan support end up going downin flames?

A big part of the reason is the way the Senate works. Under therules, any one senator can object to any piece of legislationcoming to the floor for debate and a vote. This is referred to asplacing a "hold" on a bill. A series of time-consuming proceduralsteps are needed to break such a hold.

Oklahoma Republican Sen. Tom Coburn placed a hold on S. 2244,the TRIA renewal bill which was passed by the House. He objected toa provision in the bill creating the National Association ofRegistered Agents and Brokers (NARAB II), a national insuranceagents' licensing group designed to facilitate multi-statelicensing. PIA supports NARAB II.

Sen. Coburn opposed S. 2244 because he said states' rights couldbe violated by the creation of NARAB II. In the final days of theSenate's session, he attempted to insert an amendment which wouldsunset NARAB II in two years; he also asked for a provisionallowing states to opt out. But amending the House-passed billwould have required the altered version to be voted on again by theHouse, and the House had already adjourned for the year in theprevious week.

Sen. Coburn: "I Don't Care"
Press reportssay Sen. Coburn told negotiators at the end that he also believedthat TRIA was a giveaway by federal taxpayers to the insuranceindustry. Or, as he remarked just days before, "Quite frankly, Idon't care whether TRIA happens or not. I have leverage now. Ifthey want to pass it, put the [NARAB II] opt-out in and let's go totown."

The Senate could have stayed in session and done the proceduralwork necessary to get past the hold Coburn placed on the TRIArenewal bill, but that would have taken several days.

Most Americans who work for a living may get a day or two offfor Christmas and New Year's. Some people must work on thoseholidays. In contrast, Congress takes a lot of time off, despitethe fact that members like to describe that time as "District workdays."

Ultimately, the public will get to decide whether not wanting towork until December 19 or 20 before taking off for the holidays wasa valid reason to allow the nation's terrorism insurance program toexpire.