Patrick McHenryChairman

Washington, July 17, 2014 - Financial Services Committee Chairman Jeb Hensarling (R-TX) today made the following comments about the Senate’s passage of legislation to reauthorize the Terrorism Risk Insurance Program without meaningful reforms.  The Financial Services Committee passed a pro-reform bill – the TRIA Reform Act – on June 19:

“The House has passed dozens of jobs bills that the Senate has completely ignored, so I’m pleased to hear that the Senate is at least working today.  While I appreciate the fact that the Senate has acted on TRIA, what’s most important is to get this done right for hardworking taxpayers.  Unfortunately, the Senate’s bill is essentially a status quo bill that uses a phony Washington budget gimmick as a pay-for, meaning it can’t even come to the House floor as written.

“I’m still committed to getting a bill passed, but it has become very clear this week that the process is going to take several more months before there is a resolution.  We have a diverse Republican caucus in the House.  We have some members who believe the reforms go too far and we also have a host of conservatives who feel the reforms don’t go far enough.  Washington is paying a lot of attention to one group’s concerns, but not enough attention to the other’s.  That’s got to change if any TRIA bill is going to pass.

“As this process goes forward over the next several months, I will be using that time to discuss with all members how to continue the program and also make reforms that improve our stewardship of Americans’ hard-earned tax dollars.”