McCarthy and the House GOP plan to move a separate terrorism insurance bill. (Bill Clark/CQ Roll Call)
In a gambit to jam the Senate, House Republicans are moving ahead with a standalone Terrorism Risk Insurance Act bill they intend to pass in the coming days, taking TRIA out of cromnibus negotiations and risking the program’s future.
As of Tuesday afternoon, TRIA was one of the major remaining roadblocks in cromnibus negotiations, with House Republicans insisting on changes to the Dodd-Frank Act that would alter collateral rules for certain companies trading derivatives.
According to an aide for Majority Leader Kevin McCarthy, the House is now moving forward with a plan to pass a separate TRIA bill and take the issue out of cromnibus negotiations. The House Rules Committee posted language of the TRIA bill Tuesday afternoon.
With the House and Senate unable to come to a compromise on TRIA, House Republicans are hoping they can force the Senate’s hand by passing the terrorism risk insurance legislation with their Dodd-Frank changes.
But as of Tuesday afternoon, it was unclear whether such a tactic would work — or whether it would derail TRIA.
“This is an attempt to kill the bill, pure and simple,” a Senate Democratic aide told CQ Roll Call. “Adding in an extraneous, unrelated Dodd-Frank issue that Democrats, and the administration, oppose to a bipartisan TRIA bill that has been carefully negotiated puts the future of TRIA in doubt.”