The US has extended the existing terrorism risk insurance programme for six years by signing into law a bill, in a bid to further protect taxpayers.


Signed by US President Barack Obama, the bill offers a federal insurance support for owners of skyscrapers, sports stadiums, shopping malls and large projects, which may face terrorism threats, reported Reuters.

In addition, the bill comprises measures that relieve ranchers, energy businesses and other end users of derivatives from certain capital requirements, which are part of the 2010 Dodd-Frank financial reform law.

White House spokesman Josh Earnest was quoted by the publication as saying that the administration was disappointed the bill included the unrelated measures, but acknowledged that Obama would sign the bill anyway.

The senate passed the Terrorism Risk Insurance Act (TRIA) on 8 January 2015, with a vote with a vote of 93 to 4.

In early June 2014, the US Senate Banking Committee approved S. 2244, the Terrorism Risk Insurance Program Reauthorization Act of 2014, by a unanimous vote of 22-0.

This bill extends the existing TRIA program that expired on 31 December 2014. It was first signed into law in 2002 following the September 2001 terrorist attacks.

Image: US President Barack Obama. Photo: courtesy of Pete Souza.