July 27, 2005

Senate Democrats Push to Extend TRIA

SENATE DEMOCRATS HEAR FROM BUSINESS AND LABOR LEADERS ON IMPORTANCE OF EXTENDING TERRORISM RISK INSURANCE PROGRAM

Democratic Leader Harry Reid released the following statement in support of extending TRIA:

WASHINGTON, DC - “The United States has been at war against terrorism since the attacks of September 11, 2001. The events this month in London and Egypt are stark reminders of the ever-present threat that our country faces. As part of its strategy, our enemy has made plain its intent to target and disrupt financial markets. Our leaders must do everything in their power to protect our country from this threat.

“The Terrorism Risk Insurance Act (TRIA) brought stability to the property and casualty insurance market in the wake of the September 11th attacks and provided the needed confidence to all participants in our economy in the face of the continuing threat of terrorist attacks. This program is as important today as it was three and a half years ago as experts have confirmed that the private insurance market is not prepared to fill the void after TRIA expires at the end of this year.

“We need to extend the Terrorism Risk Insurance Act today because American jobs and continued economic growth are at stake. I urge my colleagues to act on terrorism insurance legislation before the end of the year.”

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