THE DAILY WHIP: WEDNESDAY, DECEMBER 10, 2014

H.Res. 775 – Rule Providing for Consideration S. 2244 – Terrorism Risk Insurance Program Reauthorization Act (Sen. Schumer – Financial Services) (One Hour of Debate). The Rules Committee has recommended a closed Rule that provides for one hour of general debate equally divided between the Chair and Ranking Member of the Committee on Financial Services. The Rule allows one motion to commit, with or without instructions, and waives all points of order against the resolution.

The Rule also allows for Suspension Authority through December, 11, 2014.Members are urged to VOTE NO.

S. 2244 – Terrorism Risk Insurance Program Reauthorization Act (Sen. Schumer – Financial Services) (One Hour of Debate). This bill would provide a six-year extension, through 2020, of the Terrorism Risk Insurance Act, which is scheduled to expire on December 31^st. The bill would also make a number of changes to the law.

Title I of the bill would increase aggregate insured losses from a certified act of terrorism necessary for government coverage to begin, from $100 million to $200 million over a five-year period. It also amends the requirement that private insurers reimburse taxpayers for the first $27.5 billion of terrorism losses – increasing the required amount to $37.5 billion in annual increments of $2 billion over a five year period starting in 2015.  If the insured losses fall under this threshold, the Secretary of the Treasury would be required to recoup 140% of government outlays, up from the current 133% of government outlays.

Additionally, Title I would direct the Treasury Department to complete a study, within 9 months of the bill’s enactment, of the process for certifying that an act of terrorism has occurred with the objective of improving this process and direct the GAO to conduct a study of the impact resulting from the assessing and collecting of upfront premiums from insurers that participate in the Terrorism Insurance Program established under TRIA. It would also require that in the future at least one member of the Board of Governors of the Federal Reserve have experience with community banks.

Title II of the bill would streamline the licensing process for insurance agents and brokers to operate across state lines.  It would create a nonprofit board, National Association of Registered Agents and Brokers (NARAB), for insurance agents and brokers to obtain approval to operate on a multistate basis. An insurance company or broker seeking approval would be required to be fully licensed in its home state and satisfy membership criteria, but once approved the company or broker could be licensed to operate in any other selected jurisdiction.

Title III of the bill would provide an exemption for non-financial derivatives end-users like farmers, car companies, manufacturers, and airlines from posting margin (in the form of cash or government securities) with their counterparties when entering into a swap transaction. 

It is critical that the House pass a TRIA extension before the end of the year. If House Republicans are serious about reauthorizing this important program – and providing the business community with the certainty it needs – they should bring a bill to the Floor that does not contain extraneous Dodd-Frank provisions.

Bill Text for S. 2244:
PDF Version

Suspensions (10 bills)

1. S. 1691 – Border Patrol Agent Pay Reform Act of 2014 (Sen. Jon Tester – Oversight and Government Reform)
2. Concur in the Senate Amendment to H.R. 4681– Intelligence Authorization Act for Fiscal Year 2015 (Rep. Rogers (MI) –Intelligence) This bill authorizes classified amounts in FY 2015 for 16 U.S. intelligence agencies and intelligence-related activities of the U.S. government, including the Office of the National Intelligence Director, the CIA and the National Security Agency (NSA), as well as foreign intelligence activities of the Department of Defense, the FBI, the State Department, Homeland Security and other agencies. The bill is less than 1% above the President’s request, in part to make necessary corrections after sequestration and the Budget Control Act, and in part to enhance our intelligence efforts to counter evolving threats such as ISIL.
    
   **Members are advised that the classified annex to the bill contains the dollar amounts and personnel ceilings for each intelligence program. Members can view the classified annex in Room H-405 of the Capitol.
    
3. H.R. 5806 – Supporting America's Charities Act (Rep. Camp – Ways and Means/Budget)
4. S. 2651 – DHS OIG Mandates Revision Act of 2014 (Sen. Coburn – Transportation and Infrastructure)
5. H.R. 5656 – Global Food Security Act of 2014, as amended (Rep. Smith (NJ) – Foreign Affairs)
6. S. 1683 – Naval Vessel Transfer Act of 2013 (Sen. Menendez – Foreign Affairs)
7. S. 2142 – Venezuela Defense of Human Rights and Civil Society Act of 2014 (Sen. Menendez – Foreign Affairs)
8. Concur in the Senate Amendment to H.R. 2719 – Transportation Security Acquisition Reform Act (Rep. Hudson – Homeland Security)
9. Concur in the Senate Amendment to H.R. 1204 – Aviation Security Stakeholder Participation Act of 2014 (Rep. Thompson (MS) – Homeland Security)
10. H.R. 5810 – To amend the United States Cotton Futures Act to exclude certain cotton futures contracts from coverage under such Act (Rep. Westmoreland – Agriculture)

Postponed Suspensions (2 bills)

1. H.R 5699 – John Muir National Historic Site Expansion Act, as amended (Rep. George Miller – Natural Resources)
2. S. 1000 – Chesapeake Bay Accountability and Recovery Act of 2014 (Sen. Warner – Natural Resources)

TOMORROW’S OUTLOOK
The GOP Leadership has announced the following schedule for Thursday, December 11: The House will meet at 9:00 a.m. for legislative business. The House is expected to consider the Senate Amendment to H.R. 83 – Consolidated and Further Continuing Appropriations Act, 2015 (Rep. Rogers (KY) – Appropriations) (Subject to a Rule). The House is also expected to consider bills under suspension of the Rules.