Lawmakers are nearing an agreement on extending a federal backstop that covers a portion of corporations' losses from acts of terrorism, according to two congressional aides.
House Financial Services Committee Chairman Jeb Hensarling and Senator Charles Schumer are close to agreeing on a six-year extension, according to the congressional staff members who asked not to be named because a deal hasn't been announced. Insurers would be reimbursed by the government after their aggregate losses reach $200 million, the aides said.
House Speaker John Boehner told reporters today that he's confident Congress will renew the program known as the Terrorism Risk Insurance Act. An agreement hasn't been finalized and could still change, the aides said.