Timothy P. Carney
The Washington Examiner
1/6/2015
Former Senate Majority Leader Harry Reid scolded Republicans last month for abandoning a federal reinsurance program beloved by many industries: the Terrorism Risk Insurance Act.
Reid instructed Republicans to put TRIA — which created a taxpayer backstop for property insurers after 9/11 — at the top of their agenda. Joining Reid in this cry was a chorus of industry lobbies. And Republicans have responded.
The second substantive piece of legislation on the House agenda, according to an email from House leadership, is the bill to revive TRIA, which expired Dec. 31 after now-retired Sen. Tom Coburn put a hold on the bill. According to an email circulating to GOP member offices, TRIA will be voted on on Wednesday or Thursday, under suspension of the rules (an expedited process to bring legislation to the floor, which requires a two-thirds majority).
You can just imagine the phone calls from K Street: “If the 2014 elections sent any clear message, Mr. Speaker, it was that taxpayers want to bear the risk for Met Life, real estate developers and Disney.”
