US Congress extends terrorism risk insurance

US Capitol dome seen on Capitol Hill January 5, 2015 in Washington, DCUS lawmakers on Thursday renewed legislation providing federal insurance to businesses who suffer devastating losses from major terrorism attacks, ending a brief period of limbo when the previous policy expired on December 31. The Terrorism Risk Insurance Act (TRIA), a federal program created in the wake of the September 11, 2001 attacks, ensures the government repays businesses after an attack that tops $100 million in damages. The Senate’s renewal of the bill makes it the first piece of legislation President Barack Obama will be asked to sign into law by the Republican-controlled Congress. A modified version of the original program, boosting the threshold from $100 million to $200 million and extending TRIA for six years, easily passed the Senate 93 votes to 4, a day after the House approved the measure by a near-unanimous vote.

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