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U.S. Senate passes the TRIA reauthorization

TRIA extended for six years through 2020

The Senate yesterday overwhelmingly voted to pass the TRIA reauthorization, which passed on Wednesday in the House, by a vote of 93-4. The legislation, H. R. 26, extends TRIA for six years through 2020 and makes slight changes to the program which expired on December 31. The new legislation raises the threshold from $100 million to $200 million in aggregate losses before triggering federal government assistance and will increase insurance companies’ co-payments from 15 to 20 percent. In addition, the measure creates an association that would license insurance agents to operate outside their home states under the National Association of Registered Agents and Brokers. The legislation also makes changes to the Dodd-Frank Act by exempting non-financial companies from being required to post collateral on derivatives trades. Before final passage in the Senate, Senator Elizabeth Warren (D-MA) proposed an amendment striking the provision easing these Dodd-Frank requirements. This amendment was rejected by a vote of 31-66.  60 votes were needed for adoption. The legislation will now be sent to President Obama where he is expected to sign the measure into law.

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