White House threatens terror insurance bill veto

Dankdude · #1 09-17-2007, 01:43 PM

By Kevin Drawbaugh

WASHINGTON (Reuters) - The Bush administration threatened on Monday to veto a bill the U.S. House of Representatives is expected to vote on this week that would extend a post-9/11 federal terrorism risk insurance program.

"The administration strongly opposes efforts to expand the federal government's role in terrorism reinsurance," the White House said in a statement.

The bill would extend the Terrorism Risk Insurance Act (TRIA) through 2017. Adopted in 2002, after the September 11, 2001, attacks on the United States, it made the federal government an insurer of last resort if private insurers could not handle massive terrorism damages.

Set to expire at the end of 2007, TRIA has been criticized by some as a subsidy to insurers. Some congressional Republicans say terrorism risk insurance should be left up to the private market.

TRIA supporters, mainly Democrats and big-city lawmakers, argue that private markets show few signs of being able to insure against terrorism and, some say, should not be expected to handle such risk.

The White House statement said: "The most efficient, lowest cost, and most innovative methods of providing terrorism risk insurance will come from the private sector."

It said the House bill "effectively makes TRIA permanent, increases the role of the federal government, and expands the scope of coverage well beyond the point where it is needed."

If presented as written to President George W. Bush, "his senior advisors would recommend that he veto the bill," the statement said.

The Senate has not taken action on TRIA.

The House Financial Services Committee voted 49-20 on August 1 to extend TRIA for 15 years. The legislation is being closely watched by insurers and real estate developers.

The House measure would add group life insurance to TRIA; extend coverage to domestic terrorism, as well as foreign; and mandate coverage for nuclear, biological, chemical and radiological terrorism under certain conditions.

medicineman · #2 09-18-2007, 05:18 PM

Well, maybe he's payed all his friends (World trade center buildings) and now doesn't want anyone else to get in on it. Did you ever wonder why those owners of the world trade center took out that kind of insurance 3 months before the disaster. They must have been clairvoyant.

Forum	Shop	Market		Seeds	FAQ	Tools
SEE OUR MARIJUANA SEED GUIDE FOR THE BEST STRAINS				Looking for Legal Marijuana look no further!

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode

Thread	Thread Starter	Forum	Replies	Last Post
White House Declares Office Off-Limits	Dankdude	Politics	1	08-23-2007 10:04 PM
The 'architect' leaves the White House	Dankdude	Politics	1	08-13-2007 03:17 PM
Some thoughts on medical insurance ...	ViRedd	Politics	5	07-28-2007 11:17 PM
Why Is the White House Pretending That Saudi Insurgents in Iraq Are Iranian?	Dankdude	Politics	12	07-25-2007 01:13 AM
Ill Bill - Ill Bill is the Future vol.2	LosAngelesGraff	Music	0	07-22-2007 02:23 PM

User Name		Remember Me?
Password

SEE OUR MARIJUANA SEED GUIDE FOR THE BEST STRAINS

Looking for Legal Marijuana look no further!

Thread

Thread Starter

Forum

Replies

Last Post

Posting Rules