Upon the news of the U.S. Senate’s failure to reauthorize the critical Terrorism Risk Insurance Act, Congresswoman Maxine Waters (D-CA), Ranking Member of the Financial Services Committee, released the following statement:
"I'm saddened and disappointed that the U.S. Senate was unable to renew the critical Terrorism Risk Insurance Act. The death of TRIA is the direct result of Chairman Hensarling's 11th hour brinksmanship in the House of Representatives. Democrats repeatedly pointed out the difficulty of passing the Chairman’s legislation in the Senate, which contained provisions unrelated to the important terrorism insurance backstop.
The result will be a stagnation in job creation, investment and economic growth for the countless businesses and venues that rely on TRIA.
Even though the Senate and House both voted to renew TRIA by strong bipartisan votes, it is disturbing that the ideology of one Republican in the House and another in the Senate has derailed the continuation of this important program. I hope that the incoming Republican leadership prioritizes TRIA as its first order of business."