The Senate approved legislation Thursday to reauthorize the Terrorism Risk
Insurance Act (TRIA) for six years, over the objections of some Democrats who criticized a provision they said would weaken Wall Street regulations.
The bill, which cleared the House a day earlier, passed the upper chamber on a 93-4 vote.
Sens. Marco RubioMarco Rubio19 companies that Trump has tweeted about Ex-Dem gov: I would have picked Giuliani over Tillerson Right renews push for term limits as Trump takes power MORE (R-Fla.), Elizabeth WarrenElizabeth WarrenDems push for outside witnesses at Mnuchin hearing Schumer: GOP 'filling the swamp' by targeting ethics chief Confirm Inga Bernstein for the District of Massachusetts MORE (D-Mass.), Bernie SandersBernie SandersSanders, Dems defend ObamaCare at Michigan rally Sanders: Not a 'bad thing' if Comey resigns Sanders: Trump should tweet support for Medicare, Social Security MORE (I-Vt.) and Maria CantwellMaria CantwellDems seek more vetting for Trump nominees before hearings Four Washington electors refuse to vote for Clinton Dems concerned Trump trying to 'target' Energy Dept. employees MORE (D-Wash.) opposed the measure.
Despite reservations over the Wall Street language, President Obama is expected to sign the bill, the first sent to his desk in the new GOP-controlled Congress.
Many Democrats — including Warren — opposed a provision that would amend the 2010 Dodd-Frank Wall Street reform law. The measure, sought in some sectors of the financial services industry, would scrap certain regulations for nonfinancial institutions — dubbed "end users" — that are applied to big banks.
Warren's amendment to remove the "end users" provision failed, by a 66-31 vote tally.
TRIA allows for the federal government to serve a backstop for businesses after a massive terrorist attack.
House Financial Services Committee Chairman Jeb Hensarling (R-Texas) pushed for TRIA reforms that he said would better protect taxpayers in the event of a major terror strike.
Hensarling successfully pushed to double the amount of damage that businesses must incur during an attack from $100 million to $200 million, to trigger federal repayments.
The vote comes one day after a terrorist attack on a French newspaper left 12 people dead.
A broad coalition of groups from the banking, professional sports and tourism industries rallied to push for a long-term reauthorization bill. The Chamber of Commerce and the NFL were among those who supported the legislation.
Hensarling and Sen. Chuck SchumerCharles SchumerSchumer puts GOP on notice over ObamaCare repeal Sanders, Dems defend ObamaCare at Michigan rally Lawmakers condemn Trump for attack on John Lewis MORE (D-N.Y.) were unable to negotiate a deal before TRIA expired on Dec. 31. Their talks fell apart largely because of the end users provision, but also because Sen. Tom CoburnTom CoburnCoburn: Trump's tweets aren't presidential The road ahead for America’s highways Rethinking taxation MORE (R-Okla.), who has since retired, opposed another rider attached to the bill that would create a nonprofit clearinghouse for insurance agents. He pushed for states to be able to opt out of the program.
The House passed the TRIA bill on Wednesday on a 416-5 vote.
— This story was updated at 2:52 p.m.