Terrorism Risk Insurance Legislation: Issue Summary and Side-by-Side

CRS Report for Congress
Terrorism Risk Insurance Legislation in 2005:
Issue Summary and Side-by-Side
Updated January 12, 2006
Baird Webel
Analyst in Economics
Government and Finance Division


Congressional Research Service ˜ The Library of Congress

Terrorism Risk Insurance Legislation in 2005:
Issue Summary and Side-by-Side
Summary
Prior to the September 11, 2001, terrorist attacks, insurance covering terrorism
losses was normally included in general insurance policies without cost to
policyholders. Following the attacks, both primary insurers and reinsurers pulled
back from offering terrorism coverage, citing particularly an inability to calculate the
probability and loss data critical for insurance pricing. Some argued that terrorism
risk would never be insurable by the private market due to the uncertainty and
potentially massive losses involved. Because insurance is required for a variety of
economic transactions, it was feared that a lack of insurance against terrorism loss
would have wider economic impact.
Congress responded to the disruption in the insurance market by passing the
Terrorism Risk Insurance Act of 2002 (TRIA). TRIA created a temporary program,
expiring at the end of 2005, to calm the insurance markets through a government
backstop for terrorism losses and to give the private industry time to gather the data
and create the structures and capacity necessary for private insurance to cover
terrorism risk. From 2002 to 2005, terrorism insurance became widely available and
largely affordable, and the insurance industry greatly expanded its financial capacity.
There was, however, little apparent success on a longer term private solution and
fears persisted about wider economic consequences if insurance were not available.
To a large degree, the same concerns and arguments that accompanied the initial
passage of TRIA were before Congress as it considered TRIA extension legislation.
Congress responded to the impending expiration of TRIA with the passage of
two different bills. The Senate bill, S. 467, was approved by the Senate on
November 18, 2005. The large majority of the language from the House bill, H.R.

4314, was inserted into S. 467 and passed by the House on December 7, 2005. S.


467 was titled the Terrorism Risk Insurance Extension Act, whereas H.R. 4314 was
titled the Terrorism Risk Insurance Revision Act. These titles did reflect essential
differences between the two bills. S. 467 extended the current program by two years
and further increased the private sector’s exposure to terrorism risk, as did the
original act. (During the three years covered by the initial act, insurance industry
deductibles and aggregate retention rose each year.) S. 467 continued to increase
these and also reduced the types of insurance covered by the program and increased
the size of terrorist event necessary to trigger the program. H.R. 4314 extended the
program for two or possibly three years and substantially revised many aspects of it.
Among the notable changes, it excluded some lines of coverage and included others
that were not covered before. It segmented lines of insurance, introducing different
deductibles for different lines. It included the concept of resetting the deductibles
and the trigger amount to lower amounts if a terrorist attack occurs in the future. The
final version signed into law closely tracked the Senate legislation.
This report briefly outlines the issues involved with terrorism insurance and
includes a side-by-side of the initial TRIA, TRIA-extension legislation as considered
in the House and Senate, and the final bill as signed by the President. It will not be
updated.



Contents
In troduction ......................................................1
Legislative Action.................................................2
Senate Legislation (S. 467)......................................2
House Legislation (S. 467 as Amended with Text from H.R. 4314).......3
P.L. 109-144..................................................4
List of Tables
Table 1. Side-by Side: Terrorism Risk Insurance Act of 2002,
Initial Senate- and House-passed Legislation, and Terrorism Risk
Insurance Extension Act of 2005..................................5



Terrorism Risk Insurance Legislation in
2005: Issue Summary and Side-by-Side
Introduction
Prior to the September 11, 2001 terrorist attacks, insurance covering terrorism
losses was normally included in general insurance policies without a specific
premium being paid. Essentially most policyholders received this coverage for free.
The attacks, and the more than $30 billion in insured losses that resulted from them,
caused a rethinking of the possibilities of future terrorist attacks. In response to the
new appreciation of the threat and the perceived inability to calculate the probability
and loss data critical for pricing insurance, both primary insurers and reinsurers
pulled back from offering terrorism coverage. Many argued that terrorism risk is
essentially uninsurable by the private market due to the uncertainty and potentially
massive losses involved. Because insurance is required for a variety of economic
transactions, many feared that a lack of insurance against terrorism loss would have
wider economic impact, particularly on large-scale developments in urban areas that
would be tempting targets for terrorism.
Congress responded to the disruption in the insurance market by passing the
Terrorism Risk Insurance Act of 2002 1 (TRIA), which was signed by the President
in November 2002. TRIA created the Terrorism Risk Insurance Program, which was
enacted as a temporary program, expiring at the end of 2005, to calm the insurance
markets through a government backstop for terrorism losses and give the private
industry time to gather the data and create the structures and capacity necessary for
private insurance to cover terrorism risk.
Terrorism insurance has become widely available under TRIA and the insurance
industry has greatly expanded its financial capacity in the past three years. It
appears, however, that less progress has been made on creating terrorism models that
are sufficiently robust for insurers to return to offering widespread terrorism coverage
without a government backstop, and that practically no progress has been made on
a private pooling mechanism to cover terrorism risk. Some see the past three years
as proof of the argument that the private market will never be able to offer insurance
to cover terrorism risk and continue to see the possibility of wider economic
consequences if terrorism insurance again is unavailable. Others, notably the U.S.
Treasury Department, respond that TRIA itself is retarding the growth of this private
market and should be allowed to expire, or at least be reduced from its current form.


1 P.L. 107-297, 116 Stat. 2322, 15 U.S.C. Sec. 6701 note. See CRS Report RS21444, The
Terrorism Risk Insurance Act of 2002: A Summary of Provisions and CRS Report RS21979,
Terrorism Risk Insurance: An Overview, both by Baird Webel.

Legislative Action
Congress responded to the impending expiration of TRIA with two different
bills that initially passed the respective houses. The Senate bill, Senator Christopher
Dodd’s S. 467, was approved by the Senate on November, 18, 2005. The large
majority of the language from the House bill, Representative Richard Baker’s H.R.

4314, was inserted into S. 467 and passed by the House on December 7, 2005. S.


467 was entitled the Terrorism Risk Insurance Extension Act, whereas H.R. 4314
was entitled the Terrorism Risk Insurance Revision Act and the titles did reflect
essential differences between the two bills.
Senate Legislation (S. 467)
Senator Dodd introduced S. 467 on February 18, 2005. As introduced, it was
identical to a bill, S. 2764, introduced by Senator Dodd in the 108th Congress. S.
467, as introduced, would have explicitly extended TRIA for two years, until the end
of 2007, and would have added a “soft landing” year by changing the definition of
an insured loss so that policies written in the second year and extending into a third
year would be covered. The individual insurer deductible was to remain at 15% of
earned premiums during the extension, while the insurance industry aggregate loss
retention amount was to increase from the current $15 billion in 2005 to $17.5 billion
for 2006 and finally $20 billion for 2007. S. 467 also would have directed the
Treasury to promulgate new rules including group life insurance under TRIA.
On June 30, 2005, the Department of the Treasury released a report on TRIA
accompanied by a letter from Secretary Snow indicating that TRIA had achieved its
goal of stabilizing the insurance market and that the Administration would not
support an extension without significant changes reducing the taxpayer exposure
from the program. On November 16, 2005, the Senate Committee on Banking,
Housing, and Urban Affairs marked up S. 467 and substituted an amendment by
Chairman Richard Shelby for the original text. It then reported the bill favorably to
the full Senate by voice vote.
As amended, S. 467 would have extended the current program two years and
further increased the private sector’s exposure to terrorism risk over the life of the
act, as did the original legislation. During the three years covered by the initial act,
insurance industry deductibles and aggregate retention rose each year. S. 467
continued to increase these. It would have also reduced the types of insurance
covered by the program and increased the size of a terrorist event necessary to trigger
the program. Specifically, it removed commercial auto, burglary and theft, surety,
farm owners multiple peril, and professional liability (except for directors and
officers liability), as covered lines; raised the insurer deductible to 17.5% in 2006 and
20% in 2007; decreased the federal share of insured losses from 10% to 15% for

2007; and raised the event trigger to $50 million in 2006 and $100 million in 2007.


S. 467 was brought to the Senate floor and passed by unanimous consent on
November 18, 2005. The House brought the bill to floor and amended it with most
of the text of H.R. 4314 before passing it on December 7, 2005.



House Legislation (S. 467 as Amended with Text from H.R. 4314)
H.R. 4314 was introduced by Representative Baker on November 14, 2005, and
marked up by the House Financial Services Committee on November 16. Three
amendments, by Chairman Michael Oxley and Representatives Barney Frank and
Debbie Wasserman Schultz, were adopted in committee by voice vote.2 Chairman
Oxley’s amendment made a number of changes, including adjusting the exact
deductibles for various insurance lines, reducing the program trigger amount in
program years after the second year and striking language that would have preempted
some state laws relating to rate and form filing. Representative Frank’s amendment
increased the size needed by a company or municipality to be considered an “exempt
commercial purchaser” of insurance. Representative Wasserman Schultz’s
amendment added the requirement that life insurers not deny insurance coverage
based on lawful overseas travel. The amended bill was favorably reported to the full
House by a vote of 64-3. In the 108th Congress, the committee had reported
favorably a straightforward extension of TRIA with relatively minor changes. H.R.
4313, however, went well beyond the previously reported House bill or the changes
recommended by Secretary Snow.
H.R. 4314 as reported would have limited the types of insurance covered by
removing commercial auto insurance. However, it would have expanded the
program to cover domestic terrorist events and increased the covered types of
insurance to include group life and specific coverage for nuclear, biological,
chemical, and radiological (NBCR) events. It would have raised the event trigger to
$50 million in 2006 and added an additional $50 million to this for every future year
the program is in effect. It also would have changed the insurer deductible but would
have done so differently for different lines of insurance, raising it to as high as 25%
for casualty insurance but lowering it to 7.5% for NCBR events. H.R. 4314 would
have lowered the federal share of insured losses to 80% for events under $10 billion
but raised it gradually to 95% for events over $40 billion. In the case of a terrorist
act, the deductibles and event triggers would have reset to lower levels, with
deductibles possibly as low as 5% in the event of a large attack. It would have
removed the cap on the mandatory recoupment provision so that all money expended
under TRIA would be recouped by the federal government through a surcharge on
insurers in the years after the attack. H.R. 4314 also would have created “TRIA
Capital Reserve Funds (CRF),” to allow insurers to set aside untaxed reserves to tap
in the case of a terrorist event.
With a few changes, notably the addition of language striking Section 107 of the
original TRIA, the language of H.R. 4314 as it was reported was inserted into the
Senate-passed S. 467, and this amended version of S. 467 passed the House 371-49
on December 7, 2005. Shortly after passage, the House called for a conference
committee to resolve differences with the Senate and appointed conferees.


2 Amendment texts can be found at [http://financialservices.house.gov/legis.asp?formmode
=item&number=430].

Administration Reaction
The Executive Office of the President issued a Statement of Administration
Policy supporting S. 467 on November 17, 2005. It also indicated that the
Administration would strongly oppose “any efforts to add lines of coverage,
including group life insurance.” On December 7, 2005, a Statement of
Administration Policy was issued that specifically opposed the House-passed version
of S. 467.
Final Passage
Following the House appointment of conferees on December 7, 2005, the Senate
did not appoint conferees. Instead, it took up and passed a further amendment
(S.Amdt. 2689) to S. 467 by unanimous consent on December 16, 2005. The House
followed this with passage of this version of S. 467 by voice vote on December 17,

2005.


P.L. 109-144
S. 467 was signed by the President on December 22, 2005, becoming Public
Law 109-144. P.L. 109-144 closely follows S. 467 as initially passed by the Senate
on November 18, 2005. The significant difference is an increase in the aggregate
retention amount from $17.5 billion and $20 billion to $25 billion and $27.5 billion
for 2006 and 2007.



CRS-5
Table 1. Side-by Side: Terrorism Risk Insurance Act of 2002, Initial Senate- and House-passed Legislation,
and Terrorism Risk Insurance Extension Act of 2005
sion15 U.S.C. 6701 note S. 467 (Initial Senate-passed)S. 467 (Initial House-passed)P.L 109-144
Terrorism Risk Insurance Terrorism Risk Insurance ExtensionTerrorism Risk Insurance RevisionTerrorism Risk Insurance Extension
Act of 2002Act of 2005Act of 2005Act of 2005
DateDecember 31, 2005 December 31, 2007 December 31, 2008, or December 31,December 31, 2007
(Sec. 108(a))(Sec. 2)2007 if the Secretary of the Treasury(Sec. 2)
determines that the “Commission on
Terrorism Risk Insurance” established
iki/CRS-RL33177by the bill does not fulfill the bill’s
g/wrequirement to submit a report.
s.or(Sec 108(a))
leakfFor an act of terrorism to be coveredNo ChangeRemoves requirement that a terroristNo Change


://wikirismitionunder TRIA, it must be a violent actcommitted on behalf of a foreignact must have been committed onbehalf of a foreign person or interest.
httpperson or interest as part of an effort(Sec. 102(1)(A))
to coerce the U.S. civilian population
or influence U.S. government policy.
It must have resulted in damage
within the United States or to a U.S.
airliner or mission abroad. Terrorist
act is to be certified by the Secretary
of the Treasury in concurrence with
the Attorney General and Secretary of
State.
(Sec. 102(1)(A))

CRS-6
sion15 U.S.C. 6701 note S. 467 (Initial Senate-passed)S. 467 (Initial House-passed)P.L 109-144
An affiliate is an entity, that controls,No ChangeRemoves the definition ofcontrolNo Change
is controlled by, or under commonand redefines an affiliate as an insurer
itioncontrol with an insurer. Control isthat owns, is owned by, or under
defined as the power to vote 25% ofcommon ownership with another
an entitys shares or to appoint ainsurer. Defines “ownership as
majority of the board of directors. owning 25% or more of an insurer’s
Alternately, the Secretary is given thevoting securities.
authority to determine that one entity(Sec. 102(2) and 102(14))
controls another. (Sec. 102 (2-3))
n onTerrorist act would not be covered inNo ChangeAdds group life insurance to workersNo Change
iki/CRS-RL33177fthe event of a war, except for workerscompensation as covered lines in case
g/wrismcompensation insurance. of war.
s.orication in War(Sec. 102(1)(B)(I))(Sec. 102(1)(B))
leak
ateTerrorist act must cause more than $5Raises this amount to $50,000,000 forCreates a “Program Trigger” thatCreates a “Program Trigger” that
://wikitry Lossmillion in losses to be covered.2006 and $100,000,000 for 2007. would prevent coverage under thewould prevent coverage under the
httpement/Pr(Sec. 102(1)(B)(ii))(Sec. 3)program unless aggregate industryprogram unless aggregate industry
Trigger losses exceed $50,000,000 in 2006losses exceed $50,000,000 in 2006
and raises this limit by $50,000,000 inand $100,000,000 for 2007.
each successive program year. If(Sec. 6)


there is a terrorist attack, the
subsequent trigger amount is reduced
by $10,000,000 for each
$1,000,000,000 in insured losses with
a lower limit of $50,000,000. (Sec
103(e)(1)(B))

CRS-7
sion15 U.S.C. 6701 note S. 467 (Initial Senate-passed)S. 467 (Initial House-passed)P.L 109-144
7% of earned premium for 2003, 10%Raises this to 17.5% for 2006 andImplements different deductibles forRaises this to 17.5% for 2006 and
leof earned premium for 2004, 15% of20% for 2007. different lines of insurance, raises20% for 2007.
earned premium for 2005 (Sec. 3) deductibles over time, except in the(Sec. 3)


(Sec. 102(7))year following a terrorist attack, in
which deductibles would be reduced.
For 2006, deductibles would be: 16%
for workers compensation, 21.5% for
group life, 20% for property, and 25%
for casualty insurance, unless the loss
was caused by NCBR terrorism, in
which case the deductible would be
iki/CRS-RL331777.5% for all lines. In program years
g/wafter 2006, the deductibles would
s.orincrease 2.0% per year for workers
leakcompensation, 2.5% per year for
group life and property, 5% per year
://wikifor casualty, and 0.75% in the case of
httpa loss in any line due to NCBR
terrorism. In the case of a terrorist
attack, all deductibles would be
reduced in the year following by 0.1%
for every $1,000,000,000 in insured
loss, to a minimum of 5%. After this
reduction, the annual increases would
again take effect.
(Sec 102(12))

CRS-8
sion15 U.S.C. 6701 note S. 467 (Initial Senate-passed)S. 467 (Initial House-passed)P.L 109-144
ed linesCommercial property casualtyAdds commercial auto, burglary andAdds commercial auto as a line that isAdds commercial auto, burglary and
uranceinsurance including excess insurance,theft, professional liability (except forexcluded from coverage. Adds grouptheft, professional liability (except for
workers compensation, and suretydirectors and officers liability), andlife insurance as a line that is includeddirectors and officers liability), and
but excluding crop insurance, privatefarm owners multiple peril to linesin coverage, but specifically excludesfarm owners multiple peril to lines
mortgage insurance, title insurance,that are excluded from coverage. group life insurance that is eitherthat are excluded from coverage.
financial guaranty insurance, medical(Sec. 3)Corporate Owned Life Insurance” or(Sec. 3)
malpractice insurance, health or lifeBusiness Owned Life Insurance” as
insurance, flood insurance, ordefined by the IRS.
reinsurance. (Sec. 102(3)(B), 102(4), 102(8), and
(Sec. 102(12))102(19))
iki/CRS-RL33177atoryEvery insurer must make terrorismNo ChangeAdds that every insurer must makeNo Change
g/wilitycoverage that does not differcoverage for NCBR terrorist events
s.ormaterially from coverage applicableto losses other than terrorism. available; however, this coverage maydiffer materially from the coverage
leak(Sec 103(c))applicable to other losses.
://wiki(Sec 103(c)(2))
httpsuranceNo Similar ProvisionNo Similar ProvisionAdds requirement that life insurersNo Similar Provision


ravelmay not deny coverage due to lawful
past or future travel of an individual
but may charge an actuarially based
premium for this coverage.
(Sec. 103(c)(2))

CRS-9
sion15 U.S.C. 6701 note S. 467 (Initial Senate-passed)S. 467 (Initial House-passed)P.L 109-144
aredFederal share of losses will be 90%Reduces federal share of losses toCreates a sliding scale for the federalReduces federal share of losses to
for insured losses that exceed the85% for 2007. share of losses that exceed the85% for 2007.
ensationapplicable insurer deductible.(Sec. 4)applicable insurer deductible. Federal(Sec. 4)
(Sec. 103(e))share will be:
80% for years when the aggregate
industry loss is less than $10,000,000;
85% for years when loss is between
$10,000,000 and $20,000,000;
90% for years when loss is between
$20,000,000 and $40,000,000; and
95% for years when the loss is above
iki/CRS-RL33177 $40,000,000.
g/w(Sec. 103 (e)(1)(A)).
s.orate$10,000,000,000 for 2002-3,Raises amount to $17,500,000,000 forDue to the requirement for fullRaises amount to $25,000,000,000 for
leaktion$12,500,000,000 for 2004,2006 and $20,000,000,000 for 2007. recoupment of the federal share, no2006 and $27,500,000,000 for 2007.
://wikium$15,000,000,000 for 2005 (Sec. 103(6))(Sec. 5)similar provision is necessary.(Sec. 5)
http
atoryIf insurer losses are under theNo ChangeRequires the Secretary to collect fullNo Change


ment ofaggregate retention amount, arecoupment of federal financial
al Sharemandatory recoupment of the federalassistance.
share of the loss will be imposed. If(Sec 103(e)(8))
insurer losses are over the aggregate
retention amount, such recoupment is
at the discretion of the Secretary of
the Treasury.
(Sec. 103(e)(7))

CRS-10
sion15 U.S.C. 6701 note S. 467 (Initial Senate-passed)S. 467 (Initial House-passed)P.L 109-144
mentSurcharge is limited to 3% ofNo ChangeNo ChangeNo Change
argeproperty-casualty insurance premium
and may be adjusted by the Secretary
to take into account the economic
impact of the surcharge on urban
commercial centers, the differential
risk factors related to rural areas and
smaller commercial centers, and the
various exposures to terrorism risk
across lines of insurance. (Sec.
103(8))
iki/CRS-RL33177ationPreserves all existing regulatoryNo ChangePreserves all existing state authorityNo Change


g/wreemptionauthority and jurisdiction of the statesand jurisdiction except that:
s.oristingexcept that:the definition forAct of Terrorism
leakaw exclusions for terrorism existing at thein the act shall preempt any state
://wikitime of the act’s enactment areannulled, but can be reinstated by thedefinitions for purposes of the act;insurers are required to provide books
httpinsurer with the agreement of theand records relevant to the program at
insured (Sec. 105);the request of the Secretary
the definition forAct of Terrorismnotwithstanding any state laws to the
in the act shall preempt any statecontrary;
definitions for purposes of the act,some state laws relating to surplus
state rate and form filing requirementslines placements are preempted to
until the end of 2003 are partiallystreamline such placements; and
preempted; andstates are required to streamline their
insurers are required to provide booksrate and filing system.
and records relevant to the program at(Sec 106(a-c))
the request of the Secretary
notwithstanding any state laws to the
contrary. (Sec. 106(a))

CRS-11
sion15 U.S.C. 6701 note S. 467 (Initial Senate-passed)S. 467 (Initial House-passed)P.L 109-144
nLitigation arising out of a certifiedAdds a section codifying existingSection 2(a)(1) of the bill strikesAdds a section codifying existing
gementterrorist attack must be filed in federalTreasury regulations. Section 107 of current law. NoTreasury regulations.
court and state jurisdiction is(Sec. 6)comparable provision inserted.(Sec. 7)
preempted. Any punitive damages
awarded in such an action shall not be
included in any insured damages
payable under TRIA.
(Sec. 107)
Calls for a study of the need toCalls for an analysis and report, notCalls for studies and reports to beCalls for an analysis and report, not
sinclude group life insurance underlater than September 30, 2006, fromcompleted by September 1, 2006 bylater than September 30, 2006, from
iki/CRS-RL33177TRIA (Sec. 103 (h)), a study andthe President’s Working Group onthe Comptroller General on (1) thethe President’s Working Group on
g/wreport of the potential impact ofFinancial Markets, in consultationexposure of personal lines ofFinancial Markets, in consultation
s.orterrorism on life insurance and otherlines of insurance (Sec 103 (g)), and awith various stakeholders, on thelonger term availability andinsurance to terrorism risk, (2) therisks from NBCR terrorist events, andwith various stakeholders, on thelonger term availability and
leakstudy assessing the effectiveness ofaffordability of terrorism risk(3) the need for a federal naturalaffordability of terrorism risk
://wikithe program, the likelihood of theprivate industry insuring againstinsurance including particularly grouplife coverage and coverage againstdisaster catastrophe program. (Sec.103 (h-j)) Requires report from theinsurance including particularly grouplife coverage and coverage against
httpterrorism after the program expiration,chemical, nuclear, biological, andCommission on Terrorism Riskchemical, nuclear, biological, and
and the availability and affordabilityradiological events. Insurance (see below) with specificradiological events.
of such insurance. (Sec. 7)recommendations for a possible future(Sec. 8)


(Sec. 108(d)).replacement of the program to be
completed by December 31, 2006.
(Sec. 105)

CRS-12
sion15 U.S.C. 6701 note S. 467 (Initial Senate-passed)S. 467 (Initial House-passed)P.L 109-144
veNo Similar ProvisionNo Similar ProvisionAllows the establishment of TRIANo Similar Provision


capital reserve funds (CRF) from
premiums paid for terrorism coverage.
These funds are to be held by the
insurer on behalf of the Secretary of
the Treasury. The CRF are to be used
first by the Secretary toward the
federal share of future terrorism
losses. Funds used by the Secretary
would be replenished by the
mandatory recoupment surcharge.
iki/CRS-RL33177Any remaining funds not used by the
g/wSecretary may be used by the insurers
s.ortoward their terrorism losses. If the
leakprogram expires, 90% of the unused
funds would be returned to the insurer
://wikiand 10% would be remitted to the
httpTreasury. (Sec 103(e)(2) and
103(e)(9)(F))

CRS-13
sion15 U.S.C. 6701 note S. 467 (Initial Senate-passed)S. 467 (Initial House-passed)P.L 109-144
ission onNo Similar ProvisionNo Similar ProvisionEstablishes an 11-memberNo Similar Provision
rism Riskcommission with a wide range of
cestakeholders, primarily from the
insurance industry. In addition to a
report on the need for, and possible
future replacement of the program,
the commission is to make
recommendations regarding possible
actions to encourage private insurance
coverage of terrorism risk and
specifically evaluate the TRIA Capital
iki/CRS-RL33177Reserve Funds. (Sec 105)
g/w
s.or The initial House-passed S. 467 would strike essentially all of 15 U.S.C. 6701 note (which sets out sections 101-108 of P.L. 107-297) and replaces it with a similar structure,
leakuding in some cases, identical language. The section numbers for this House-passed S. 467 cited in this side-by-side are, therefore, those that would appear in the Code if the bill
://wikiacted, except for the provision entitled “Litigation Management.” In contrast, both the initial S. 467 and P.L. 109-144 simply amend 15 U.S.C. 6701 note. The section numbers in this side-by-side are thus those of the bill and law


http