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| For Immediate Release Friday, November 18, 2005 |
Contact: Eric Wortman 202-226-4571 | |
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BLUE DOGS LAUD ACTION ON TRIA |
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| WASHINGTON D.C.- The Blue Dog Coalition reiterated its strong support of extending the Terrorism Risk Insurance Act (TRIA) and applauded TRIA’s movement through the House Financial Services Committee today. The Blue Dogs urge Speaker Hastert to take quick action – an up or down vote on a clean version of TRIA – to assure passage of a multi-year extension of this vital program. The bipartisan nature of TRIA was underscored by a 64-3 final vote in the Financial Services Committee. In 2002, with the support of the Blue Dog Coalition, Congress overwhelmingly passed TRIA to provide a backstop in the event of another catastrophic terrorist event. TRIA enabled the insurance industry to recover from the losses they sustained in 2001 and ensured the availability of full coverage from the risk of terrorism for policyholders. The Blue Dog Coalition sent a letter to Speaker Dennis Hastert in July signaling the Coalition’s strong support in passing the Terrorism Risk Insurance Act (TRIA). Thirty-two Blue Dogs signed the letter authored by Rep. Steve Israel (NY), a Blue Dog and member of the Financial Services Committee. The Blue Dogs reiterated their hope that the private sector will find an effective and independent way to price and make terrorism insurance available, but with the market not yet stable Congress must act quickly to extend TRIA. "Those of us in the Blue Dog Coalition have been trying to accelerate the reauthorization of TRIA since the beginning of this Congress," Israel said. "This week’s action by the Financial Services Committee is long overdue. We need to keep the pressure on to ensure this bill passes the House and Senate. I commend the Coalition’s continued support for the extension of this program." Blue Dog Co-Chair for Administration and Financial Services Committee member Jim Matheson (UT) said, “I am pleased that TRIA has finally moved through committee and look forward to its passage in the House as quickly as possible. It is crucial that Congress takes up the TRIA extension before adjourning in December.” In July 2005, the Blue Dogs wrote to Speaker Hastert explaining that, “TRIA sunsets at the end of the year and is in danger of lapsing. That means insurance companies will simply stop writing policies that cover future attacks, developers will be unable to receive financing for real estate ventures and companies will be unable to insure their property or their employees,” wrote the Blue Dog Coalition in July. “Policies are already being negotiated containing exclusion clauses that clearly state that terrorism will not be covered in the event that Congress fails to act to extend TRIA.” -X X X- |
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