Legislation to continue the soon-to-expire federal terrorism insurance “backstop” program is advancing on Capitol Hill. With Senate passage on Nov. 16 of a seven-year extension, the measure will next go to conference to work out differences with the House, which approved a 15-year extension in September.
The program is set to expire Dec. 31 and officials are nervously watching the calendar. The lead House negotiator, Financial Services Committee Chairman Barney Frank (D-Mass.), says after the two-week congressional Thanksgiving break, “We will be back for a couple of weeks in December and I think it is very important that we begin conversations about a compromise.” For his part, the top Senate negotiator, banking committee Chairman Christopher Dodd (D-Conn.), pledges to work to get a bill enacted.