H.R. 2761 - Terrorism Risk Insurance Revision and Extension Act of 2007 

1. Structured rule.
2. Provides one hour of general debate equally divided and controlled by the Chairman and Ranking Minority Member of the Committee on Financial Services
3. Waives all points of order against consideration of the bill except for clauses 9 and 10 of Rule XXI.
4. Provides that the amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill, modified by the amendment printed in Part A of the Rules Committee report, shall be considered as adopted in the House and in the Committee of the Whole.  The bill as amended shall be considered as an original bill for the purpose of further amendment and shall be considered as read.
5. Waives all points of order against provisions in the bill as amended.
6. No further amendments shall be in order except those amendments printed in Part B of the Rules Committee report accompanying the resolution.
7. Provides that the further amendments made in order in Part B may be offered only in the order printed in the report, may be offered only by a Member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to amendment, and shall not be subject to a demand for division of the question in the House or in the Committee of the Whole.
8. Waives all points of order against the amendments printed in the report except for clauses 9 and 10 of Rule XXI.
9. Provides one motion to recommit with or without instructions.
10. Provides that, notwithstanding the operation of the previous question, the Chair may postpone further consideration of the bill to a time designated by the Speaker. 

RESOLUTION

            Resolved, That at any time after the adoption of this resolution the Speaker may, pursuant to clause 2(b) of rule XVIII, declare the House resolved into the Committee of the Whole House on the state of the Union for consideration of the bill (H.R. 2761)  to extend the Terrorism Insurance Program of the Department of the Treasury, and for other purposes.  The first reading of the bill shall be dispensed with.  All points of order against consideration of the bill are waived except those arising under clause 9 or 10 of rule XXI.  General debate shall be confined to the bill and shall not exceed one hour equally divided and controlled by the chairman and ranking minority member of the Committee on Financial Services.  After general debate the bill shall be considered for amendment under the five-minute rule.  The amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill, modified by the amendment printed in part A of the report of the Committee on Rules accompanying this resolution, shall be considered as adopted in the House and in the Committee of the Whole.  The bill, as amended, shall be considered as the original bill for the purpose of further amendment under the five-minute rule and shall be considered as read.  All points of order against provisions in the bill, as amended, are waived.  Notwithstanding clause 11 of rule XVIII, no further amendment to the bill, as amended, shall be in order except those printed in part B of the report of the Committee on Rules.  Each further amendment may be offered only in the order printed in the report, may be offered only by a Member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to amendment, and shall not be subject to a demand for division of the question in the House or in the Committee of the Whole.  All points of order against such further amendments are waived except those arising under clause 9 or 10 of rule XXI.  At the conclusion of consideration of the bill for amendment the Committee shall rise and report the bill, as amended, to the House with such further amendments as may have been adopted.  The previous question shall be considered as ordered on the bill and amendments thereto to final passage without intervening motion except one motion to recommit with or without instructions.

            Sec. 2. During consideration in the House of H.R. 2761 pursuant to this resolution, notwithstanding the operation of the previous question, the Chair may postpone further consideration of the bill to a time designated by the Speaker.

Part A

SUMMARY OF AMENDMENT TO BE CONSIDERED AS ADOPTED  

The amendment would ensure that the bill complies with the new PAYGO requirements.  It would require the enactment of a joint resolution to permit Federal compensation under the Terrorism Risk Insurance Act of 2002.  The joint resolution, approving a certification by the Secretary of Treasury (in concurrence with the Secretaries of State and Homeland Security, and the Attorney General) that there has been an act of terrorism, would be considered by Congress under fast-track procedures.

Text of Part A

Part B

SUMMARY AND TEXT OF AMENDMENTS TO BE MADE IN ORDER

1.        Frank (MA): #3, Manager's Amendment.  The manager's amendment clarifies the certification process for acts of NBCR (nuclear, biological, chemical, or radiological) terrorism, applies the reset mechanism to the NBCR deductible, and provides that the Consumer Price Index will be used to adjust for inflation the dollar amounts used in TRIA. The amendment also makes technical and conforming changes.  (10 minutes)

2.        Pearce (NM): #2.  The amendment raises the deductible set at 5% above $1,000,000,000 by 1% each program year, rather than by .5% as the bill is written.  (10 minutes)