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 SchumerThe Trail 2016: Unity at last This week: Congress eyes the exits in dash to recess Former Gillibrand aide wins NY House primary 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 JohnsonFormer GOP senator endorses Clinton after Orlando shooting Housing groups argue Freddie Mac's loss should spur finance reform On Wall Street, Dem shake-up puts party at crossroads MORE (D-S.D.) and the top Republican on the panel, Sen. Mike CrapoMike CrapoGOP warming up to Cuba travel Ann Coulter: VP pick is Trump's first mistake Overnight Finance: Freedom Caucus moves to impeach IRS chief | Calls for US-UK trade talks | Clinton ally offers trade for Trump tax returns 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.