Snow opposes extension without major changes

The US Treasury has issued a report on the Terrorism Risk Insurance Act (TRIA) that does not support its extension beyond the 31 December 2005 deadline without major amendments.In a letter to Senate Banking Committee chairman Richard Shelby, ranking member Paul Sarbanes and House Financial Services Committee chairman Michael Oxley, Treasury secretary John Snow said that the Act required several changes: "While TRIA has been effective in achieving its temporary objectives, the economy is more