- Update: “Where are You TRIA?” - Maybe Next Year
- February 10, 2015
- Law Firm: Goldberg Segalla LLP - Buffalo Office
- Last week we commented upon the debate surrounding the Terrorism Risk Insurance Act (TRIA). However, unlike the end of How the Grinch Stole Christmas where Cindy Lou Who ultimately found Christmas, TRIA did not make the cut of hastily passed legislation/nominations as the Senate gaveled to a close for this Congress.
While the House of Representatives passed TRIA by over 400 votes, outgoing Senator Tom Coburn, (R-OK) put a hold on the legislation while he sought a provision that would allow states to opt out of the program. In addition, there were also issues between the House and the Senate. The House passed TRIA renewal but included some controversial amendments to Dodd-Frank, amendments that Senate Democrats did not support.
This is not to say that TRIA is dead permanently. Republicans, which will control the House and Senate come beginning of January 2015, could reintroduce this bill and, possibly, give it retroactive effect. However, in the meantime, the results of failing to pass TRIA’s renewal are going to be felt and could possibly include a halt on a variety of projects which could be likely targets of a terrorist attack and the possibly insurance agreements that are based, at least in part, on TRIA acting as a backstop. However, football fans take heart. The NFL announced that the year’s biggest game, the Super Bowl, would take place regardless of TRIA’s fate. It will be interesting to see whether the NFL introduces further layers of security at the Superbowl, thereby reducing its profits from the game.
In 1839, Jean-Baptiste Alphonse Karr became the editor of the French daily newspaper, Le Figaro, to which he had been a constant contributor; and he also started a monthly journal, Les Guêpes, having a keenly satirical tone, a publication from which he came to be known as a somewhat bitter wit. His epigrams are frequently quoted, for example “plus ça change, plus c’est la même chose”, which is commonly translated as “the more things change, the more they stay the same,” (Les Guêpes, January 1849). Notwithstanding the results of the 2014 U.S. general election seemingly signaled a rejection of hyper-partisan politics in the nation’s capital, Karr’s words ring especially true today as Congress approaches the holiday recess without renewing TRIA.