{"id":1004109589,"date":"2014-12-17T14:34:05","date_gmt":"2014-12-17T22:34:05","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004109589"},"modified":"2022-12-06T06:54:25","modified_gmt":"2022-12-06T14:54:25","slug":"tria-reauthorization-fails-in-senate","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/tria-reauthorization-fails-in-senate\/","title":{"rendered":"TRIA Reauthorization Fails in Senate"},"content":{"rendered":"<p><em>By Mike Ratliff, Senior Associate Editor<\/em><\/p>\n<p>Christmas has certainly not come early for the commercial real estate industry as the Senate closed up shop for the year without passing a TRIA extension. It is somewhat ironic that the legislation failed in the Senate after it passed a renewal option <a href=\"https:\/\/www.commercialsearch.com\/news\/headlines\/tria-extension-sails-through-senate\/1004100854.html\" target=\"_blank\" rel=\"noopener\">back in July<\/a> by a 93-4 vote.<\/p>\n<p style=\"text-align: center\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004109596\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/tria-reauthorization-fails-in-senate\/capitol_building_full_view\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/12\/Capitol_Building_Full_View.jpg\" data-orig-size=\"510,201\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Capitol_Building_Full_View\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/12\/Capitol_Building_Full_View.jpg?w=510\" class=\"aligncenter size-full wp-image-1004109596\" style=\"border: 0px\" alt=\"Capitol_Building_Full_View\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/12\/Capitol_Building_Full_View.jpg\" width=\"510\" height=\"201\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/12\/Capitol_Building_Full_View.jpg 510w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/12\/Capitol_Building_Full_View.jpg?resize=300,118 300w\" sizes=\"auto, (max-width: 510px) 100vw, 510px\" \/><\/p>\n<p>Senate leadership is crediting retiring Senator Tom Coburn (R-OK)\u2014known to his colleagues on the other side of the aisle as \u2018Dr. No\u2019\u2014with blocking the reauthorization. Coburn\u2019s beef was that the House-revised bill included a provision related to the Dodd-Frank Act that would create a national board for licensing insurance producers.<\/p>\n<p>The House Financial Services Committee, on the other hand, is placing the blame on U.S. Senate Majority Leader Harry Reid. A scathing post on the <a href=\"https:\/\/financialservices.house.gov\/blog\/?postid=398579\" target=\"_blank\" rel=\"noopener\">committee\u2019s blog<\/a>\u00a0said\u00a0that the failure \u201chad nothing to do with Dodd-Frank; it has nothing to do with Sen. Coburn\u2019s objection. It has everything to do with Harry Reid. He simply refused to bring the bill up in the Senate. He decided that the bill would either pass by unanimous consent, or, apparently, not pass at all.\u201d<\/p>\n<p>The House passed their version of a TRIA extension with higher triggers and insurer co-payments 417-7 on Dec. 10.<\/p>\n<p>The <a href=\"https:\/\/digital.commercialsearch.com\/news\/publication\/?i=222378&amp;p=53\" target=\"_blank\" rel=\"noopener\">industry was optimistic that a reauthorization<\/a> would land on President Obama\u2019s desk by the Dec. 31, 2014 expiration. It now appears that\u2014barring a Christmas miracle\u2014the terrorism backstop will not be addressed until 2015. This doesn\u2019t sit well with industry leaders.<\/p>\n<p>\u201cThe U.S. Senate\u2019s alarming failure to renew the federal terrorism risk insurance program before adjournment will stall commercial real estate development around the country,\u201d Chris Polychron, president of the National Association of Realtors, said in a prepared statement.<\/p>\n<p>He added that because risk insurance is a requirement of many existing commercial mortgage balances, those whose coverage will lapse on Dec. 31 will be in technical default of their mortgage terms.<\/p>\n<p>New York City Mayor Bill de Blasio had some additional sharp words for Congress.<\/p>\n<p>\u201cThe blockage of the bill to reauthorize Terrorism Risk Insurance is a step backward and is a grim reminder of the consequences of the ongoing gridlock in Washington,\u201d Mayor de Blasio said today in a statement. \u201cTRIA has been critically successful in helping ensure that our nation\u2019s companies, private infrastructure and consumers have access to insurance against terror attacks\u2014a threat that continues to loom today.\u201d<\/p>\n<p>In less than three weeks the 114<sup>th<\/sup> Congress will convene for the first time. TRIA should be a top priory. \u00a0As explored in the December issue, <a href=\"https:\/\/digital.commercialsearch.com\/news\/publication\/?i=235066&amp;ver=html5&amp;p=60\" target=\"_blank\" rel=\"noopener\">industry leaders are cautiously optimistic<\/a> that Congress will prove more functional with a single party controlling both the House and Senate.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Christmas has certainly not come early for the commercial real estate industry as the Senate closed up shop for the year without passing a TRIA extension.<\/p>\n","protected":false},"author":1194,"featured_media":1004109596,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1615],"tags":[],"class_list":["post-1004109589","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","category-washington-dc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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