The coalition backs the Senate’s seven-year http://tianqiad.com TRIA reauthorization bill, which passed in July by a 93-4 vote – a rare feat for a politically divided upper Chamber. The House hasn’t voted, in parthttp://davenportrecords.com because ofhttp://winnode.com Tea Party opposition.
Tea Party critics say that http://jtkramerlaw.com TRIA must be overhauled to better protect taxpayers against having to spend billions of dollars bailing out businesses after a large-scale attack.http://claytonamerman.com And they stress that the program was pitched as temporary when it was created in 2002 following the Sept. 11, 2001, attacks. http://0829.INFO
House Financial Services Committee chairman Jeb Hensarling (R-Texas) – a top TRIA critic whose Committee has jurisdiction on the issue – reluctantly supported a five-year TRIA reauthorization bill that moved through his committee in June. http://depostcafe.com
But the legislation lacked enough support by House Republicans, and it was never brought to a vote. http://buttramlaw.com
“The federal government, free from competition and unable to make hard choices, has a long and ugly history of insurance schemes that underestimate and misprice risk,” Hensarling, who declined comment for this story, wrote in a Nov. 11 op-ed for The Washington Times http://lillacafe.com
“Each time the purported beneficiaries end up more at risk while taxpayers end up footing the bill.” http://cafesureia.com
And while the program has been reauthorized in recent years without any political hiccups, http://wairstech.com Tea Partiers are now pushing for reforms to the program that they say would protect taxpayers for billions of dollars in losses.
Democrats have tasked Sen. Charles Schumer (D-N.Y.) with brokering a deal with Hensarling. http://blackbirdcafevalpo.com But Hensarling could also face pressure from within his own party. GOP House leadership has publicly supported him – even if it means a short-term, six-to-nine month extension is needed. http://ravdellaw.com
But House Financial Services Committee member Rep. Stephen Fincher (R-Tenn.) http://sfmedgroup.com has compiled the signatures of more than 40 House Republican members on a letter urging GOP leadership to back a long-term reauthorization. The letter is expected to be released once Congress returns.
A second senior aide to a member who supports a long-term TRIA reauthorization said that the NFL is working with member offices on the issue. http://bulkpedia.com
“They definitely are more engaged with Republican offices than the Democratic side,” the staffer said. freeinsurancequoteshq.com “There only have been one or two discussions with Democratic staff because, obviously, more work needs to be done on the Republican side.”
Eileen Gilligan, a senior director at Property Casualty Insurers Association of America (PCI) dupageautoworks.com, said that banks require businesses such as the NFL to have terrorism insurance before they will offer loans.
Gilligan and other long-term TRIA petersautoradio.com supporters argue that a short-term extension would result in economic uncertainty forhttp://wasmundlaw.com the terrorism insurance market and could prevent businesses from getting loans. http://thymeinsisters.com
“Waiting for a TRIA reauthorization impairs the ability to execute on the kind of long lead planning required for large-scale events and infrastructure development, such as football stadiums cheapcarinsuranceautoquotesv.com,” Gilligan said.
In a ranking compiled by industry analytics firm Coalition, U.S. banks dominated the top spots, with Goldman Sachs coming second. http://sixautoworks.com
The only European bank to make the top three was Deutsche Bank DBKGn.De, which shared third place with Citigroup and Bank of America Merrill Lynch. http://hawthornescafe.com
Coalition, which only reports revenue figures for the top-ranked banks, said that total investment bank revenue earned so far this year was 6 percent lower than a year earlier, http://ackermanauto.com driven largely by a downturn in fixed income, currencies and commodities (FICC) divisions.
The top two investment banks in FICC – JPMorgan and http://healymilnelaw.com – have earned $8.9 billion this year from those divisions, compared to $10.1 billion in the same period last year, Coalition’s data shows. http://zoelleratlaw.com
Most investment banks have seen trading revenues slump over the past year amid a low interest environment and tougher regulations requiring them to hold more capital, which have driven down returns. http://johnsetlichlaw.com
In all these cases, Mr. Hensarling has argued that the federal government is taking on economic roles best left to the private sector. But each time, he has run up against business interests that say federal action is vital. http://spouk.com
“They can only put up with so much from us,” Mr. King said. http://leontravelclub.com
The moves have also given Democrats opportunities to woo business interests that usually side with Republicans. http://bbstees.com
“These are big projects,” Representative Nancy Pelosi of California, the House minority leader, said on Thursday as she pressed for a terrorism insurance deal. “If you want to have major construction, you need to have purchased land, get credit from the bank and the rest of that, and if you can’t get insurance, you cannot proceed to do that.”