Rules Committee delays vote on TRIA fix

The House Rules Committee put off a final decision on a fix to the pay-go problem ensnaring legislation to renew and expand the Terrorism Risk Insurance Act (TRIA), amid objections from some members to an amendment offered by Rep. Barney Frank (D-Mass.), the chairman of the House Financial Services Committee.

{mosads}In a Monday evening meeting, the Rules Committee heard testimony from Frank on a work-around to the pay-go issue, but didn’t reach agreement on whether to adopt the fix or waive pay-go rules for the legislation. Members decided to reconvene on Tuesday afternoon for a final decision; the legislation is still scheduled to reach the House floor on Wednesday.

Frank’s amendment, which was distributed at the meeting, would forbid the federal government from spending any money under the program unless Congress, convening in the aftermath of a terrorist attack, votes to appropriate funds. Rep. David Dreier (R-Calif.), the committee’s ranking member, raised concerns that the fix would usurp the jurisdiction of the Rules, Budget and Judiciary committees.

The pay-go issue arose after the Congressional Budget Office (CBO) estimated that the legislation would cost $3.7 billion over five years and $10.4 billion over 10 years.