ANDREW TAYLOR, Associated Press
WASHINGTON (AP) — The House has passed long-sought legislation to renew a government program that’s credited with reviving the market for insurance against terrorist attacks after the Sept. 11 attacks.
But the measure passed Wednesday may face a bleak future in the Senate because of opposition to an unrelated item involving a rewrite of a provision of the 2010 Dodd-Frank overhaul of financial services regulations.
The terrorism risk insurance program was originally enacted in 2002 after the 9/11 attacks led the private market for terrorism insurance to collapse. It provides a government backstop in the event of catastrophic losses.
The legislation is important to economic sectors such as construction, real estate, hospitality and major sports leagues, which fear crippling insurance costs if the program expires.