Good News from the Capitol

The Senate passed H.R. 26, the Terrorism Risk Insurance Program Reauthorization Act of 2015, by a vote of 93-4 today. This bill passed the House yesterday (by a vote of 416-5), and will now be sent to the President for signature into law.


White HouseWe received good news from Erin Stackley, Policy Representative for Commercial Real Estate with the National Association of REALTORS:

"The Senate passed H.R. 26, the Terrorism Risk Insurance Program Reauthorization Act of 2015, by a vote of 93-4 today.  This bill passed the House yesterday (by a vote of 416-5), and will now be sent to the President for signature into law. 

Though it was disappointing that the Senate was unable to pass a reauthorization measure before adjourning at the end of 2014 (resulting in the program expiring on Dec. 31, 2014), we are pleased that leadership in both the House and Senate carried through on their assurances that reauthorizing this important program would be one of their top priorities in the 114th Congress.  It was the very first order of business in the House, and was taken up the following day by the Senate.
 
The bill that passed is a 6-year reauthorization, keeping the TRIA program going through 2020.  It also reduces the government’s exposure to risk by increasing the “trigger” amount from $100 million to $200 million, and raises the mandatory recoupment amount from $27.5 billion to $37.5 billion.  Otherwise, it makes few changes to a program that has kept Terrorism Insurance affordable and available throughout the country since 2002, at virtually no cost to taxpayers."

We'll keep you posted once NAR issues a statement on the bill's passage.

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