The House voted 416-5 to renew the Terrorism Risk Insurance Act, which expired at the end of 2014. The bill would extend TRIA for six years while increasing the amount the private sector would be required to cover after a terrorist attack. TRIA renewal has been a longstanding priority for ABA and its American Bankers Insurance Association and ABA Securities Association subsidiaries.
The bill also includes an ABIA-backed provision establishing an independent National Association of Registered Agents and Brokers, known as NARAB II, while also requiring at least one Federal Reserve Board member to have experience with community banking and clarifying that end users of derivatives are exempt from posting margin for uncleared swaps.
Meanwhile, despite securing a majority of votes, a package of regulatory relief measures—including some advocated by ABA—failed to clear a procedural hurdle allowing it to move forward today.