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 Schumer (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 Johnson (D-S.D.) and the top Republican on the panel, Sen. Mike Crapo (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.