This week, the late fall Lame Duck session of the U.S. Congress lurched to a halt as lawmakers wrapped up a flurry of business and rhetorical drama and then went home for the holidays. Perhaps in the rush to get out of town, Congress shockingly failed to renew the bipartisan Terrorism Risk Insurance Act (TRIA).
NAR has expressed concern that failure to pass TRIA would stall commercial real estate development projects all over the U.S. that depend on it. By the time that the Lame Duck session of Congress closed on December 16 at 11:25 p.m., the Senate had reached a "unanimous consent agreement" which would have allowed TRIA to proceed, despite the fact that TRIA had passed in the House of Representatives with significant bipartisan support.
In a statement issued today, NAR said that "despite this temporary set-back, REALTORS® will work closely with
Congress in 2015 to swiftly reenact TRIA and provide much needed
certainty to the commercial market."
