TRIA Program Reauthorization Act of 2026
- Bill Number
- H.R. 7128
- Origin Chamber
- House
- Congress
- 119th Congress, Session 2
- Policy Area
- Finance and Financial Sector
- Status
- Passed House
- Latest Action
- 2026-06-29: Motion to reconsider laid on the table Agreed to without objection.
- Last Updated
- 2026-07-01T08:05:33Z
AI-Generated Summary
Purpose This legislation extends the Terrorism Risk Insurance Program and updates related procedures for certifying acts of terrorism, reporting, and technical corrections to the underlying law.
Key Provisions
- Extends the program through December 31, 2034.
- Raises the minimum property and casualty damage threshold for certification from $5 million to $10 million for acts occurring in 2029 or later.
- Requires the Secretary of the Treasury to publish a Federal Register notice within 30 days of starting a certification review and complete the review within 90 days (extendable once for up to 365 days if more information is needed).
- Mandates a final public determination if certification occurs, and makes that determination irrevocable.
- Adds a new annual reporting requirement listing each act reviewed in the prior year, including any final determination or explanation for not issuing one.
- Updates dates in recoupment provisions and corrects terminology throughout the law from “Terrorism Insurance Program” to “Terrorism Risk Insurance Program.”
Significant Changes to Existing Law
- Lengthens the program’s authorization by seven years beyond the prior 2027 expiration.
- Introduces time-bound review procedures and public notice requirements for certification decisions.
- Increases the damage threshold for qualifying acts starting in 2029.
- Adds mandatory annual reporting on reviewed acts that were not certified.
Potential Impacts
- Provides longer-term stability for the federal backstop on terrorism-related insurance losses.
- May affect the timing and public availability of information about potential terrorism certifications.
- Requires additional administrative steps by the Department of the Treasury for notices, reviews, and reports.
- No direct effects on international relations are described in the legislation.
Main Stakeholders Affected
- The Secretary of the Treasury and the Department of the Treasury.
- Insurance companies and policyholders covered under the program.
- Congress, through required annual reports.
Notable Legal, Constitutional, or Political Implications
- Establishes explicit deadlines and transparency rules for executive branch certification decisions.
- Contains no provisions that alter constitutional authority or create new regulatory structures beyond program extension and procedural adjustments.
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Cosponsors (4)
Rep. Garbarino, Andrew R. [R-NY-2], Rep. Cleaver, Emanuel [D-MO-5], Rep. Velázquez, Nydia M. [D-NY-7], Rep. Pressley, Ayanna [D-MA-7]
Recent Actions
- 2026-06-29: Motion to reconsider laid on the table Agreed to without objection.
- 2026-06-29: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 373 - 15 (Roll no. 229). (text: CR H4273-4274) (Roll call 229)
- 2026-06-29: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 373 - 15 (Roll no. 229). (text: CR H4273-4274) (Roll call 229)
- 2026-06-29: Considered as unfinished business. (consideration: CR H4302-4303)
- 2026-06-29: At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
- 2026-06-29: DEBATE - The House proceeded with forty minutes of debate on H.R. 7128.
- 2026-06-29: Considered under suspension of the rules. (consideration: CR H4273-4279)
- 2026-06-29: Mr. Flood moved to suspend the rules and pass the bill, as amended.
- 2026-03-19: Placed on the Union Calendar, Calendar No. 482.
- 2026-03-19: Reported (Amended) by the Committee on Financial Services. H. Rept. 119-561.
- 2026-03-19: Reported (Amended) by the Committee on Financial Services. H. Rept. 119-561.
- 2026-01-22: Ordered to be Reported (Amended) by the Yeas and Nays: 51 - 2.
- 2026-01-22: Committee Consideration and Mark-up Session Held
- 2026-01-16: Referred to the House Committee on Financial Services.
- 2026-01-16: Introduced in House
Bill Versions
- TRIA Program Reauthorization Act of 2026 — issued 2026-06-29 — PDF (8 pages)
- TRIA Program Reauthorization Act of 2026 — issued 2026-01-16 — PDF (4 pages)
- TRIA Program Reauthorization Act of 2026 — issued 2026-03-19 — PDF (6 pages)