Following the Senate Banking Committee’s markup of legislation to reauthorize the Terrorism Risk Insurance Act (TRIA), Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, applauded the committee’s progress and called on House Republicans to swiftly act to renew the program.
Waters released the following statement.
“The Senate Banking Committee’s unanimous action on legislation to extend the Terrorism Risk Insurance Act (TRIA) is a critical step toward reauthorizing a program that allows our largest venues, businesses and employers to keep investing, creating jobs and growing our economy. In the aftermath of the tragic September 11 attacks on our nation, TRIA has ensured that everything from airports and universities to ports and shopping malls will not go bankrupt by the cost of terrorism coverage.
Today’s Senate action puts even more pressure on House Financial Services Committee Republicans to pass legislation that will renew TRIA quickly, cleanly and for the long-term. For months, Republican committee leadership has ignored two bipartisan pieces of legislation that would cleanly reauthorize TRIA, in favor of making dramatic changes to the highly successful program. But as TRIA’s expiration inches closer, the inability to reach consensus within their own caucus speaks volumes about how out-of-touch Republican leadership’s vision for the program remains.
As the clock ticks toward the sunset of both TRIA and the Export-Import Bank’s charter, Democrats believe we must stop wasting the few legislative days we have left and quickly move on legislation to renew these important initiatives, which ensure our job creators have the support they need to continue driving our economy forward.”
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.
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.