Bush Administration Claims Terrorism Risk Insurance is No Longer Necessary

 WASHINGTON, DC - Today, Treasury Secretary John Snow wrote to Congress to state the Administration’s official position that the Terrorism Risk Insurance Act (TRIA), passed after 9/11, is no longer necessary. The program has helped insure commercial property-holders against future terrorists attacks, and it has been a safety net for those looking to build or own property in high-threat areas. Rep. Carolyn Maloney (D-Manhattan and Queens), who represents many major commercial property owners and financial institutions in New York, reacted in strong opposition to the administration’s stance.  

“This will stunt the economic growth of our city, and the development of Ground Zero,” said Maloney. “It will also hamper economic growth across the country. According to insurance industry estimates, another event the size of 9/11 would severely downgrade the industry and put it at risk of survival.”

“TRIA has not cost the taxpayers one cent to this point, but if we let it expire, the economic losses will be costly. This insurance is a very important safety-net for economic development in our city and across the country. To pull it away now will slow the growth of many communities. Almost every day, there’s another piece of tangible evidence that the White House has forgotten the impact that 9/11 has had on New York.”

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