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 (Chuck) Ellis SchumerOvernight Health Care: Schumer calls for tying ObamaCare fix to children's health insurance | Puerto Rico's water woes worsen | Dems plead for nursing home residents' right to sue Crying on TV doesn't qualify Kimmel to set nation's gun agenda Trump knocks ‘fake’ news coverage of his trip to Puerto Rico 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 CrapoMichael (Mike) Dean CrapoLawmakers look to bypass Trump on North Korea sanctions Overnight Finance: What to watch for in GOP tax plan rollout | IRS sharing info with special counsel probe | SEC doesn't know full extent of hack | New sanctions target North Korean banks US Chamber opposes Trump's Export-Import Bank nominee 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.