June 19, 2002—S. 2600, the Terrorism Risk Insurance Act of 2002, was introduced June 7 by Senate Democrats Christopher Dodd (CT), Paul Sarbanes (MD), Charles Schumer (NY), and Harry Reid (NV). The legislation seeks to provide at least a one-year federal backstop of up to $100 billion in funds after insurance companies incur losses of $10 billion. Provisions are included to extend the measure for a second year if needed.
BOMA International, who strongly supports this legislation, reported that on June18, by a vote of 65 – 31, the Senate voted to invoke “cloture” on S. 2600. This action limits the debate to an additional 30 hours and prohibits amendments that are non-germane to the bill. A final vote is expected in the next few days. This was a key vote for supporters of S. 2600, since absent a cloture motion, debate could have gone on for days, which often leads to the legislation being set aside.
Based on a report from BOMA.org
