| Terrorism Risk Insurance Act |
In the aftermath of the 9/11 disaster,
I was a strong supporter of the Terrorism Risk Insurance Act, which provided a
federal backstop so that terrorism insurance would continue to be available in
high-risk areas such as New York City. Based on the evidence to date, I believe
that the private sector still will not offer adequate coverage to support
economic development in high risk areas. To most effectively encourage the
market to develop long-term solutions we need to continue TRIA as a federal
backstop, not just for the short term, but for a mid- to long-term time frame.
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