The first bill passed by the new Congress is a corporate welfare bill (H.R.26) that amends the “Terrorism Risk Insurance Act of 2002” (TRIA) to extend the recently expired program through December 31, 2020. The bill relates to companies offering terrorism insurance with the federal government bailing them out if losses get too great. The bill passed the Senate 93 to 4 and the House 416 to 5. It doesn’t matter the subject of the insurance, the federal government should not be issuing mandates to insurance companies, regulating insurance companies, or bailing out insurance companies. The federal government should have nothing whatsoever to do with the insurance industry. TRIA has been called “no more than corporate welfare wrapped up in the flag.”

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