A bipartisan bill to extend the Terrorism Risk Insurance Program (TRIP) through 2027 is going to be marked up this week in the Senate Banking Committee. The bill — like the one in the House — is a bipartisan effort and was introduced by North Carolina Republican Sen. Thom Tillis and Minnesota Democrat Sen. Tina Smith.
A similar bill was passed by the House Financial Services Committee at the end of last month.
The markup means the bill will go through the committee quickly and will head for the full Senate. Tillis said the bill and the extension of TRIP is very, very important because “entire sectors of our economy were hesitant to invest and develop because of a lack of insurance protections.”
The bill from Tillis and Smith has support on both sides of the aisle and is co-sponsored by 14 others in the Senate. They include Banking Committee Chairman and Idaho Republican Sen. Mike Crapo and the committee’s ranking member Sen. Sherrod Brown of Ohio.
Like the House bill this legislation requires the Treasury to look at the availability and affordability of terrorism risk insurance for places of worship and it wants the Government Accountability Office (GAO) to look deeper into the risk of cyber-terrorism.
Source link: Morning Consult