In just a few short weeks control of the United States Senate floor will pass from the Democrats to the Republicans. This single fact means the political pressure that typically accompanies a post-election “Lame Duck” congressional session will be atypically acute.
There’s a lot to do and precious little time in which to do it, meaning members of both parties in both chambers will need to prioritize. The time for partisan gamesmanship is over; practical policymaking concerns need to take the wheel.
In particular Congress needs to handle in a deliberative fashion those pending pieces of legislation that directly affect the nation’s national defense, its economic health, and the ability to create jobs and raise living standards that are set to expire at year’s end.
There are many pieces of legislation that fit the bill in one category or more – and very few that apply to all. One is the federal Terrorism Risk Insurance Act, a law that passed with strong bipartisan support in the period after 9/11 and which is set to expire at year’s end.
If TRIA is allows to lapse, it would make it nearly impossible for commercial brokers to continue to offer terrorism insurance, something that has become essential in the post-bin Laden economy. [Read more...]