The Senate Thursday approved legislation to renew a federal program that is credited with reviving the market for insurance against terrorist attacks after its collapse in the aftermath of the 9/11 attacks.
The sweeping 93-4 vote sends the measure to President Barack Obama, who is expected to sign it into law despite reservations about an unrelated provision that chips away at new regulations on financial instruments called derivatives. The House passed the measure on Wednesday.
The measure was a leftover from last year that became snagged in the waning days of the last session of Congress and it’s the first piece of legislation to pass the Senate since Republicans took control of the chamber on Tuesday. The program expired at the end of last year and its swift renewal is a top priority of business sectors such as construction, real estate, hospitality and major sports leagues, which fear skyrocketing insurance costs if the program is not renewed.
The program provides a backstop in which the government steps in to cover the bulk of losses after the first $200 million in damages from a terrorist attack, up from $100 million previously.
Read more at CBS NEW YORK.