Senate Banking Committee to Markup TRIA Reauthorization Bill
On Tuesday, June 3, the Senate Banking Committee will hold a markup of the Terrorism Risk Insurance Program Reauthorization Act of 2014 (S. 2244). The bill, which was introduced by Senator Charles Schumer (D-NY), has bipartisan support and would: (1) extend the current Terrorism Risk Insurance Act (“TRIA”) program through December 31, 2021; and (2) increase the aggregate retention amount from the current level of $27.5 billion by $2 billion per year until it reaches $37.5 billion.
On May 1, Representative Randy Neugebauer (R-TX), Chairman of the House Financial Services Subcommittee on Housing and Insurance, distributed an outline of his TRIA reauthorization proposal to Committee Republicans that proposed a three-year extension, along with various changes to the current program. The House Financial Services Committee is expected to hold a markup of Representative Neugebauer’s bill this month.
Senate Nearing Confirmation of CFTC Nominees
On May 22, Senate Majority Leader Harry Reid (D-NV) invoked cloture on debate over the nomination of Sharon Bowen to the Commodity Futures Trading Commission (CFTC). Confirmation of Ms. Bowen, along with the other two nominees, Timothy Massad (who would serve as Chairman of the CFTC) and Christopher Giancarlo, would fill all three vacancies on the Commission. Although a date on their confirmation vote has yet to be officially scheduled, it is expected that Senate leadership will push to confirm all three CFTC nominees early this month.
This Week’s Hearing:
- Wednesday, June 4: The Senate Banking Subcommittee on Financial Institutions and Consumer Protection will hold a hearing titled, “Student Loan Servicing: The Borrower’s Experience.”
CFTC to Hold TAC Meeting
On Tuesday, June 3, the Commodity Futures Trading Commission (CFTC) will hold a meeting of its Technology Advisory Committee (TAC). The meeting will consist of three panels and will focus on issues related to high-frequency trading, the CFTC’s surveillance program, and swap execution facilities (SEFs). The first panel will discuss the impact that high-frequency trading has had on derivatives markets and address charges of unfair advantages by high-frequency trading firms. The second panel will discuss how to develop a 21st century surveillance program, including an overview of the CFTC’s current data collection practices. The third panel will discuss the increasing buy side participation on SEFs, including an overview of current SEF trading and participation.