WASHINGTON (1/12/15)--The Senate passed a six-year extension to the Terrorism Risk Insurance Act Thursday. Now the bill goes to President Barack Obama's desk to await his signature.
The Senate passed the extension by a 93-4 vote, which followed House passage of the same bill Wednesday.
The act, created after the attacks of Sept. 11, 2001, allows the government to repay business costs after terrorist attacks. It expired on Dec. 31, and if Obama signs the act, it would run until 2020.
The extension doubles the amount of damage that must occur before government intervention to $200 million, up from $100 million in the original iteration of the act.
According to a report in The Hill, Obama is expected to sign the bill.