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Funding Bill, Extenders, Nominees Approved Before Adjournment, TRIA Expires
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Funding Bill, Extenders, Nominees Approved Before Adjournment, TRIA Expires
Following House passage of the FY 2015 appropriations omnibus to fund the federal government through the end of Sept. 30, 2015, the Senate on Dec. 13 passed the bill in a rare weekend session to avoid a government shutdown.
The measure’s final 56-40 bipartisan vote saw opposition from conservative Republicans who had tried and failed to include language in the bill to defund the President’s executive action on illegal immigration, as well as from liberal Democrats, led by Sen. Elizabeth Warren (D-MA), who objected to its inclusion of policy riders weakening the Dodd-Frank law and increasing political contribution limits.
Separately, the Senate passed (76-16) a one-year, retroactive extension of 54 tax breaks that expired in January 2014, including the Production Tax Credit. President Obama is expected to sign the legislation, which has a 10-year cost of about $42 billion. Frustration over the short-term extension was deep, with many on both sides criticizing the bill while voting for it as the only deal on the table at the end of the year.
Prior to adjourning, the Senate approved a handful of the President’s nominees for key posts, including Colette Honorable to the Federal Energy Regulatory Commission (FERC). Honorable, an Arkansas regulator, had gained bipartisan support during her nomination process, including from fossil fuel and clean energy groups.
However, efforts to renew the federal "backstop" for insurers in the event of a terrorist attack died in the Senate.
The Terrorism Risk Insurance Act (TRIA) program, which expires on Dec. 31, provides for shared public and private compensation for certain insured losses resulting from a certified act of terror. Reauthorization of the program is supported by a broad coalition of business entities that have reason to believe their property could be subject to a terrorist attack, including electric utilities.
As the House debated its TRIA reauthorization bill, Rep. Michael Grimm (R-NY) added an unrelated Dodd-Frank provision to clarify that swaps where one of the counterparties is an end-user would not be required to post margin for trades. Public power supported this provision in the past; however some Senate Democrats – notably Sen. Warren – opposed its addition to the unrelated TRIA measure. Retiring Sen. Tom Coburn (R-OK) blocked the bill on its own merits, preventing its passage.
Senate Republican leaders hope to take up legislation early in the 114th Congress. An earlier TRIA bill passed the Senate on a 93-4 vote in July.
In the 114th Congress, two New England Senators will join the Energy and Natural Resources Committee: Sen. Angus King (I-ME) and Sen. Elizabeth Warren (D-MA). Rep. Joe Kennedy III will join the House Energy and Commerce Committee.
To read the complete legislative update including the following topics, click the links below:
FERC Must Provide Ratepayer Impact on NY Capacity Zone |
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