Following the news that members of the Senate Banking Committee have reached an agreement on legislation to reauthorize the Terrorism Risk Insurance Act (TRIA), Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, applauded their progress and lamented the lack of action in the House of Representatives. Waters has been outspoken in her support for a TRIA’s renewal, and led a panel discussion on its importance of the program earlier this year. The legislation was announced today by Senators Chuck Schumer, Mike Johanns, Dean Heller and Mark Kirk.
Waters released the following statement.
“I am encouraged by the news that leaders on the Senate Banking Committee have reached agreement on legislation to extend the critically important Terrorism Risk Insurance Act (TRIA). I applaud these Senators for taking this important step to advance the conversation on TRIA. This progress is even more important given the House Financial Services Committee Chairman’s refusal to bring an extension of the program forward thus far.
For more than a decade, TRIA has supported critical economic growth by ensuring access to terrorism coverage for our largest venues, businesses and employers. It is a job creator and economic stimulant. This message is underscored by the diverse array of TRIA’s policyholders and beneficiaries that have expressed support for the program – including shopping malls, hotels, sports leagues, insurers, lenders, and developers. They all see TRIA as critical to creating jobs, increasing economic growth and providing certainty in the market.
In the Financial Services Committee, there are two pieces of legislation that would achieve these goals by cleanly extending TRIA over the long-term. Both have bipartisan support and both could pass the Committee today.
Despite the Chairman’s refusal to take action on TRIA, I am heartened to hear some key members of House Republican leadership support the program. It seems some may understand that TRIA must remain in place to ensure a speedy recovery after an attack, to avoid market disruptions, and to protect schools, jobs and businesses. But just as important, we must realize that now is not the time to be having a debate over alternatives or dramatic changes to TRIA.”
TRIA is strongly supported by a broad coalition of businesses and organizations representing a wide array of industries, including construction, manufacturing, retail, transportation, real estate, sporting and entertainment. Entities from the National Football League to the U.S. Chamber of Commerce to the National Association of Realtors have lauded the program’s importance.