House GOP floats vote on terrorism insurance

The House will consider legislation reauthorizing the federal insurance backstop for terrorist attacks this week, House Majority Whip Steve Scalise’s (R-La.) office said in a scheduling note on Monday.

The House could consider the Terrorism Risk Insurance Act as early as Tuesday, Scalise’s office said. The House is expected to conclude its lame-duck session this week.

{mosads}Negotiators have struggled to reach a deal on the terrorism insurance bill. Business groups are pressuring House GOP leaders to move the extension, but some conservative hard-liners have been pressing to reform the program, which was initiated after the Sept. 11, 2001, terrorist attacks and was intended as a temporary program.

The program allows for the government to act as a federal backstop for businesses following a terror attack that does more than $100 million in damage.

House Financial Services Committee Chairman Jeb Hensarling (R-Texas) and other conservatives have argued that the program puts taxpayers at risk and needs to be reformed. He has pushed for a short-term, six- to nine-month deal, which would give him the ability to work on another reform bill next year.

But over the past few weeks, Hensarling has been in talks with Sen. Charles Schumer (D-N.Y.) on a longer reauthorization bill that would double the $100 million threshold at which insurance kicks in to $200 million.

Sources close to the talks say it is possible the reauthorization could be included in a larger government funding bill that is expected to be released Monday night.