Senate panel set to move on terrorism insurance extension

The Senate Banking Committee is looking to move legislation extending a government backstop for terrorism-prone targets before it expires at the end of the year.

The panel announced plans for a Tuesday markup of legislation extending and tweaking the Terrorism Risk Insurance Act (TRIA).

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That program, created in the wake of the Sept. 11, 2001, terrorism attacks, allows the government to step in and provide assistance to insurance companies if they face huge claims stemming from a terrorism attack. The program has twice been extended by Congress, and faces another expiration at the end of 2014.

In April, Sen. Charles SchumerCharles SchumerFCC advances proposal to unmask blocked caller ID in threat cases Trump: Pelosi's leadership good for the GOP Live coverage: Senate GOP unveils its ObamaCare repeal bill MORE (D-N.Y.) unveiled a seven-year TRIA extension bill, along with several Senate Republicans. The measure, which would make several tweaks to require the private sector to shoulder a larger share of the costs, has since garnered 23 co-sponsors.

Senate Banking Committee Chairman Tim JohnsonTim JohnsonCourt ruling could be game changer for Dems in Nevada Bank lobbyists counting down to Shelby’s exit Former GOP senator endorses Clinton after Orlando shooting MORE (D-S.D.) and the top Republican on the panel, Sen. Mike CrapoMike CrapoOvernight Regulation: Senate Banking panel huddles with regulators on bank relief | FCC proposes 2M fine on robocaller | Yellowstone grizzly loses endangered protection Overnight Finance: Big US banks pass Fed stress tests | Senate bill repeals most ObamaCare taxes | Senate expected to pass Russian sanctions bill for second time All big US banks pass Dodd-Frank stress tests MORE (R-Idaho), have both signed on as co-sponsors, suggesting smooth sailing for the bill through the panel.

However, some conservatives, particularly in the House, have raised questions about extending yet again a program initially intended to help the nation navigate through the largest terrorist attack in its history. A number of bills extending the program have been offered in the House. Rep. Michael Grimm (R-N.Y.), who represents an area near New York City but is grappling with legal issues, was a loud GOP advocate for the program.

Major business groups, hotel chains and professional sports leagues have actively pressed Congress to extend the program.