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Monday, June 06, 2016 9:01 PM
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Monday, May 23, 2016 8:53 PM
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Thursday, April 14, 2016 7:54 PM
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Monday, February 29, 2016 7:13 PM
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Friday, November 06, 2015 7:25 PM
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Thursday, November 05, 2015 8:17 PM
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Thursday, October 01, 2015 7:11 PM
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Thursday, September 17, 2015 11:52 PM
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Thursday, August 20, 2015 8:49 PM
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| Congress Revives Terrorism Risk Insurance Backstop |
| Friday, January 09, 2015 |
Congress bolstered terrorism risk insurance this week, passing legislation that reinstated a government backstop for insurance coverage in the event of a major terrorist attack.
The previous Congress left town before Christmas without reauthorizing the Terrorism Risk Insurance Act, and the program expired Dec. 31. The House, however, voted 416-5 Wednesday to extend the program through 2020, and the Senate followed suit Thursday with a 93-4 vote.
Under the legislation, the government backstop would kick in when a terrorist attack causes at least $200 million in damage, up from $100 million previously. Any federal payments would be recovered through assessments on insurance companies.
Many business groups, especially those representing the real estate and hospitality industries, said the insurance backstop is needed for economic stability and to ensure that developers can get affordable insurance for new projects.
"Having access to insurance against terror acts is critical for numerous industries to go about their day-to-day business of creating jobs and growing the U.S. economy — travel especially," said Roger Dow, president and CEO of the U.S. Travel Association. "Congress' action today is the responsible move to safeguard American businesses and workers."
The National Association of Manufacturers said TRIA also helps prevent spikes in the cost of workers' compensation in areas that are at high risk of terrorist attacks.
The TRIA reauthorization bill also modified the Dodd-Frank Act to free nonfinancial businesses from the law's margin requirements when they use derivatives to hedge risks. The White House opposed that provision, but President Barack Obama is expected to sign the legislation into law any way.
In addition, the legislation would require the president to appoint someone with community banking experience to the Federal Reserve Board. Obama did just that on Wednesday, nominating former Bank of Hawaii Chairman and CEO Allan Landon to the Fed's board of governors.
This legislation, however, will ensure "that there is always such representation on the board," said John Buhrmaster, president and CEO of 1st National Bank of Scotia, N.Y., and chairman of the Independent Community Bankers of America. |
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