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    Senate Adjourns Without Passing TRIA Extension

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    The U.S. Senate adjourned for the year on Tuesday without passing an extension of TRIA. Strong opposition from retiring Senator Tom Coburn (R-OK) blocked a vote on the measure that was overwhelmingly supported by lawmakers in the House as well as the business community. Coburn objected to the vote due to concerns over the underlying policy and plans to create a regulatory body to oversee insurance agents and brokers. He requested an amendment to the bill and Senate Majority Leader Harry Reid (D-NV) refused. Reid pointed out the fact that since the House has already adjourned for the year, amending the legislation would also effectively kill the bill for this year. Since Congress was unable to extend TRIA, the program will expire on December 31st. Supporters of the bill hope that TRIA will be revived in 2015 as both parties would like to see the program return. After the Senate adjourned, House Speaker John Boehner (R-OH) said that “We expect the House will act very quickly in the new Congress to reauthorize this program.” Some believe that a vote in the House could come as soon as January. However, the program could be changed with Republicans controlling both the House and the Senate next year.

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