The new chairman of the Senate banking committee, Christopher J. Dodd (D-Conn.), wants to find a permanent way for the federal government to help deal with insurance claims from terrorist acts. Under the 2002 Terrorism Risk Insurance Act, the Treasury provides "backstop" coverage when terrorism-related claims exceed certain levels. That program was extended in 2005, but is set to expire at the end of 2007.
Dodd, who will take the panel's chair thanks to the Democrats' recently won Senate majority, says he won't continue the status quo. "I will not do another extension." he says. "My goal here is to establish a permanent piece of legislation, not a temporary one."