The House passed the Terrorism Risk Insurance Program Reauthorization Act of 2014 Wednesday evening in a 417-7 vote.

The act would extend the termination date of the Terrorism Insurance Program established under the Terrorism Risk Insurance Act of 2002.

The bill also contained a provision that requires the president to appoint at least one member of the Federal Reserve Board with “demonstrated primary experience working in or supervising community banks having less than $10 billion in total assets.''

The provision did not contain credit union parity languange as requested by credit union trade associations.

Before the bill was passed, the bill was nearly derailed by House Democrats, who complained about last-minute add-ons to the bill made by Republicans, including a relaxing of derivatives restrictions passed in the Dodd-Frank Act. Sen. Elizabeth Warren (D-Mass.) urged House Democrats to vote against the bill because of the derivatives language, and House Financial Services Committee Ranking Member Maxine Waters (D-Calif.) accused House Republicans of failing to negotiate in good faith.

House Financial Services Committee Chairman Jeb Hensarling (R-Texas) countered that the Senate version of the bill already contained the unrelated language regarding the Federal Reserve Board qualifications from an amendment sponsored by Sen. David Vitter (R-La.).

“So we have an opportunity to do something very positive, but now all of the sudden, some on the other side of the aisle say, 'Well, we can't do this. We believe this is unrelated to TRIA.' Well, why did the United States Senate put in a provision that makes a radical change in a requirement to serve on the Board of Governors of the Federal Reserve?” Hensarling said on the House floor Wednesday.

“What does that have to do with TRIA? The Senate put that in. NARAB, the National Association of Registered Agents and Brokers – the Senate put that in. Two-thirds of bill is about NARAB. The Senate put that in. Now, I'm not debating the underlying policy issues. But it is, at best, a little disconcerting if not disingenuous to say, 'Well, my Lord, the House shouldn't put in unrelated provisions' when Senate just did it twice.”

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TRIA Includes Community Banker Fed Post

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