NFL With Developers Push for Congress Win on Terrorism Insurance
Sports associations, along with insurers, developers, banks and the U.S. Chamber of Commerce, say their businesses could be wiped out by a Sept. 11-style attack.
June 2, 2014
(Bloomberg) -- Renewal of a U.S. terrorism insurance plan is gaining momentum in Congress, thanks to some big-league backing from a coalition that includes professional football, baseball, basketball and hockey leagues.
The sports associations, along with insurers, developers, banks and the U.S. Chamber of Commerce, say their businesses could be wiped out by a Sept. 11-style attack, unless the U.S. government continues its program to help protect them against losses from terrorism.
Now they see improving odds for passing a measure extending the financial backstop for theinsurance before it expires Dec. 31.
“I give it plus-90-percent,” said Mark Calabria, a former aide on the Senate Banking Committee who now directs financial regulation studies at the Cato Institute, a group that supports free markets. “It benefits from the fact that there’s a not a very strong coalition against it, whereas there’s a very deep coalition for it.”
With these powerful interests pushing for it, the terrorism insurance measure could join several business-backed items that have worked their way to President Barack Obama’s desk this session. The measures are the few successes in a U.S. Congress on track to be one of the least productive in history.
Other business priorities that passed with bipartisan support were extensions of the nation’s farm programs and federal flood insurance as well as a $12.3 billion water projects bill.
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