The Senate on Thursday overwhelming passed a measure to reauthorize the lapsed Terrorism Risk Insurance Act, one day after the House easily cleared the measure to reinstate the federally backed insurance safeguard against terrorism attacks.
President Obama is expected to sign the measure into law.
TRIA, which was passed in 2002 in the wake of the Sept. 11, 2001, terrorist attacks, provides a federal backstop for insurance against terrorism damages, a function that policyholders and insurers say is necessary for big projects throughout the country.
“As residents of the birthplace of the skyscraper, Chicagoans have the right to stand in the shadows of the tallest buildings in the world, and the passage of TRIA ensures that our skylines will no longer suffer due to the threat of terrorism,” said Sen. Mark Kirk, R-Ill. “TRIA protects the taxpayer from incurring huge financial risk in the event of a terror attack, and I am relieved this protection will continue.”
The program, which was originally intended to be temporary, has broad support from industries ranging from real estate developers to the National Football League. It has never paid out a claim, although some critics say it subsidizes insurers by backstopping their policies.
The bill passed 93-4. The dissenting senators were Democrats Maria Cantwell of Washington and Elizabeth Warren of Masschusetts, Republican Marco Rubio of Florida and independent Bernie Sanders of Vermont, who caucuses with the Democrats.
The bill passed the House 416-5.
The U.S. Chamber of Commerce applaud the new Congress — which convened for the first time Tuesday — for acting so swiftly on the measure.
“With this legislation, Congress has given lenders, borrowers and developers the assurance they need to proceed with new and existing projects, enabling economic development and job creation” said chamber Executive Vice President for Government Affairs Bruce Josten.
The program expired Dec. 31 after the Senate failed to act on a House-passed bill before leaving town.
Joseph Lawler contributed to this report.
