In the end, things went smoothly. But getting to that point inthe renewal of the Terrorism Risk Insurance Act (TRIA) proved to bevery difficult.
On Jan. 12, President Barack Obama signed bipartisan legislationthat extended TRIA for six years and made a few changes in program.Days earlier, both chambers of the new 114th Congress had passedthe Terrorism Risk Insurance Program Reauthorization Act of 2015(H.R. 26) by nearly unanimous votes.
Why, then, did reauthorization of TRIA take more than a year? Inthe House, Financial Services Committee chairman Jeb Hensarling(R-Texas) wanted to scale TRIA back and eventually phase it out. Hecame up with his own bill, which passed out of his committee. Theonly problem was that Rep. Hensarling's bill lacked the votes topass the full House. As a result, leadership would not schedule afloor vote.
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