The top Republican on the Senate Homeland Security Committee urged the Obama administration on Wednesday to "immediately" raise the terror threat level.

Sen. Susan Collins (R-Maine), the ranking member of the Senate Homeland Security Committee, said she spoke to Homeland Security Secretary Janet Napolitano to urge raising the threat level.

Collins said she told Napolitano it would be "prudent for administration to immediately elevate the terror threat level until we can review the materials that we found in Osama's compound" on ABC's "Top Line" webcast.

Bin Laden was killed Sunday in Pakistan during a U.S. assault. During the raid, a reputed "treasure trove" of intelligence was seized from the compound in which bin Laden was hiding.

Senior lawmakers have warned of retributive terrorist attacks in the short-term, and Collins suggested raising the threat level under the new system, which issues two-week warnings of attacks.

The oft-criticized color-coded threat advisory system was replaced in April by the new National Terrorism Advisory System, which functions from a baseline understanding that the U.S. is always under the threat of attack and therefore always on alert.

If a specific threat emerges, however, the alert level can be raised to an “elevated” status, or, judging by the specific threat, an “imminent” status. The system does not require that a threat be considered "elevated" before being designated "imminent."

"Under the new system, it's raised in two-week intervals. That would give us time to make an assessment of whether we're at immediate risk," Collins said. "Just to be on the prudent side, just for the next two weeks, I would raise the terror threat level."

This story was corrected at 6:15 p.m. because the nation is not now at an "elevated" threat level, as was suggested.