By Peter Schroeder - 05/29/14 03:25 PM EDT
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).
In April, Sen. Charles SchumerCharles SchumerCruz's dad: Trump 'would be worse than Hillary Clinton' With Ryan’s blessing, lawmakers press ahead with tax reform talks Big business will never appease the Left 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 JohnsonOn Wall Street, Dem shake-up puts party at crossroads Regulators fret over FOIA reform bill Senators push back against using guarantee fees to offset spending MORE (D-S.D.) and the top Republican on the panel, Sen. Mike CrapoMike CrapoBipartisan effort seeks end to budget gimmicks Republicans mum on possibility of Trump filling Supreme Court seat Senate approves first amendments to energy bill 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.