In a surprising move, the terrorism insurance bill died on the Senate floor last week, despite widespread support.
“Virtually no member of Congress — Republican or Democrat — wanted the Terrorism Risk Insurance Act of 2002 to lapse at the end of this year. The Senate had passed a revamped version in July, 93-4. The House passed a new compromise last Wednesday, 417-7. Then the bill died — over an objection by a single senator, in large part to a provision unrelated to the federal financial backstop for terrorism recovery.”