|Super Bowl insurance|
The Terrorism Risk Insurance Act provides protection in case of a 9/11-style terror attack – and it expires 31 December. Good riddance, writes David Dayen, who says the bill lines the coffers of big business, big banks and a handful of insurers
In its final week, the 113th US Congress managed to pass a spending bill loaded with policy giveaways to special interests, and a year-long extension of mostly corporate tax breaks.
But they couldn’t finish off the lobbyist Triple Crown. There was one task Congress couldn’t tackle: approve an extension of the Terrorist Risk Insurance Act, known as TRIA. The bill provides lucrative government bailout protection for the insurance industry in case of a terrorist attack like 9/11 or, as Hollywood has feared, retribution for American entertainment choices by North Korea.