House Republicans Oppose Frank's Bid To Break TRIA Stalemate

A majority of House Republicans plan to oppose the bid by Rep. Barney Frank (D-Mass.) to break the stalemate over terrorism insurance.

“Senate Banking Committee leaders have made it clear that the new proposal is a non-starter, and the administration plans to issue a statement of administration policy in adamant opposition to it,” Rep. Spencer Bachus, R-Ala., wrote in a Dec. 10 “Dear Colleague” letter. Bachus is the ranking Republican on House Financial Services Committee, which Frank chairs.

Bachus also criticized Frank’s latest proposal for upping the likelihood that taxpayers will have to foot the bill in the aftermath of a large-scale terrorist attack.

That’s actually out of synch with a Dow Jones story last week, which said the Congressional Budget Office told House members the bill would actually bring in $200 million over both a 5-year and 10-year period.

Frank started moving this legislation – actually the Senate-passed terrorism bill, with House amendments – as a way to get around the Senate’s refusal to convene conference negotiations.

At this point, insurers and real estate companies just want the darn thing passed and sent to President Bush.