Maloney testifies in support of NYC Council resolution calling on Congress to extend terrorism risk insurance

New York, NY – Congresswoman Carolyn Maloney (D -12), a senior member of the House Financial Services Committee, today testified in support of a New York City Council resolution (Res 1806-2013) that urges Congress to protect the economic interests of New Yorkers and Americans by extending the Terrorism Risk Insurance Program Reauthorization Act of 2007 (TRIA).

Despite stellar counterterrorism efforts by local and federal authorities, New York City still remains a target for such attacks.

“After 9/11, businesses in New York City, and across the country, could not get terrorism insurance. This crippled the construction, real estate finance, and tourism industries. The lack of terrorism insurance after 9/11 meant that over $15 billion in real estate deals were stalled or canceled, which affected over 300,000 jobs. If we don’t reauthorize TRIA, construction projects will again be canceled, and even more jobs will be lost,” Congresswoman Maloney said.

Congresswoman Maloney is the lead Democratic co-sponsor of H.R. 508, which would extend TRIA for five years. The Congresswoman has fought hard for Terrorism Insurance for over 10 years, helping Congress pass the first TRIA in 2002. The legislation provided businesses and insurers much-needed certainty by establishing a stable, long-term federal support system for terrorism risk insurance. This prompted the economy to bounce back after the 9/11 attacks and ensured that terrorists could not destroy the economy and way of life of all New Yorkers and Americans.

The Congresswoman also supported the extension of TRIA in 2007, and believes that Congress should do the right thing and reauthorize an extension of TRIA. This is an issue that affects not just New Yorkers, but all Americans – as the recent terrorist attack in Boston exemplifies.

This is a commonsense, non-partisan safeguard for our country and our economy, and Congresswoman Maloney applauds the City Council for urging Congress to act on it. Congresswoman Maloney is part of a bi-partisan list of 49 co-sponsors who support extending TRIA