New Senate Banking Chairman Favors Permanent Terrorism Insurance Program
Sen. Christopher J. Dodd (D-Conn.), who will become banking committee head in the new Congress, says he would like to see federal backstop coverage for terrorism-related claims made permanent and plans to work on such legislation next year. The current program, established by the 2002 Terrorism Risk Insurance Act, was extended in 2005, but is set to expire at the end of 2007.
Dodd, who will take the chair thanks to the Democrats' recently won Senate majority, told reporters at a Dec. 7 press conference, "I will not do another extension." He added, "My goal here is to establish a permanent piece of legislation, not a temporary one."