Senate approves terror insurance bill

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.

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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 (Chuck) Ellis SchumerConscience protections for health-care providers should be standard Pension committee must deliver on retirement promise Dem super PAC launches ad defending Donnelly on taxes 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 CoburnThomas (Tom) Allen CoburnPaul Ryan should realize that federal earmarks are the currency of cronyism Republicans in Congress shouldn't try to bring back earmarks Republicans should know reviving earmarks is a political nightmare 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.