January 7, 2015
U.S. House of Representatives Passes TRIA Reauthorization Bill: Six-year Extension Receives Wide Bipartisan Support; Senate to Consider Soon
This afternoon, one day after members of the 114th Congress took office, and by a vote of 416-5, the U.S. House of Representatives passed H.R. 26, the "Terrorism Risk Insurance Program Reauthorization Act of 2015," a bill to reform the Terrorism Risk Insurance Act (TRIA) and reauthorize the program for six years through 2020. H.R. 26 is identical to legislation (S. 2244) that was overwhelmingly passed by the House of Representatives last Dec. 10 by a vote of 417-7 but died when the U.S. Senate failed to consider the measure before the end of 2014. NAREIT and its partners in the Coalition to Insure Against Terrorism (CIAT) are extremely pleased that the new Congress has moved quickly to pass this proposal renewing the recently-expired TRIA program. Yesterday, CIAT sent a letter to House Financial Services Committee Chairman Jeb Hensarling strongly supporting H.R. 26 and praising the House’s swift response.
"NAREIT commends Speaker John Boehner, Majority Leader Kevin McCarthy and Chairman Hensarling for making a TRIA reauthorization bill one of the first legislative actions to pass the new Congress," said NAREIT President & CEO Steve Wechsler. "Each of them had publicly indicated this issue was a priority and needed to be addressed as soon as possible in 2015. We applaud their efforts to pass a reauthorization bill in the first week of the 114th Congress, and we call on the U.S. Senate to follow suit very soon."
H.R. 26 will now be sent to the Senate for consideration. Earlier today, newly-elected Senate Majority Leader Mitch McConnell stated his intention to bring H.R. 26 to the Senate floor as soon as tomorrow, if not next week, and pass it prior to the Senate considering the controversial Keystone pipeline issue. "This would be the best of all worlds – to have the Senate pass the House bill, without any amendments, this week or next and then send it to the White House for final disposition," Wechsler stated. "We are very encouraged with the possibility of the new Congress reauthorizing TRIA this quickly."