Wednesday, January 7, 2015

House Passes HR 26 – TRIA Extension

The House passed their first non-organizational bill of the 114th Congress today with a solidly bipartisan vote on HR 26, the Terrorism Risk Insurance Program Reauthorization Act of 2015. The final vote was 416 to 5 with all five nays coming from Republicans. The bill would extend the current TRIA until 2020 with some changes in the details of the program.

This is similar to the bill that was passed in December in the House but was ignored by the Senate because of objections to the ‘added provisions’ of the bill. This bill also included two the same unrelated titles:

• The National Association of Registered Agents and Brokers Reform Act of 2015; and
• The Business Risk Mitigation and Price Stabilization Act of 2015

It is quite possible that either or both of these additional titles will be removed when this bill is considered by the Senate.

BTW: There were no changes made to the language to specifically include cyber-attacks like those against Sony in the definition of ‘terrorist attack’.

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