Moving Closer to an Extension of Terrorism Risk Insurance

WASHINGTON, DC - Thanks to a concerted effort by New York representatives, the government safety net established after 9/11 to encourage economic development in the face of a terrorist threat is more likely to be extended past its December 31 sunset date. Today, the House Financial Services Committee approved a bill to extend the Terrorism Risk Insurance Act (TRIA) for at least two years, while similar legislation is also moving through the Senate. Earlier this year, the Bush administration expressed its opinion that TRIA is no longer necessary - an opinion that was roundly criticized in Congress.

Rep. Carolyn Maloney (NY-14) represents New York City, and as a member of the Financial Services Committee, she was part of the core group spearheading renewal. She said today that the TRIA extension is highly important for the economy and is something the president should support.

“As a representative of New York City, it has been crystal clear to me that economic development in my city would have been much slower after 9/11 were it not for terrorism risk insurance,” said Maloney. “With the nationwide threat of terrorism, this insurance is not only vital for economic development around Ground Zero but for everywhere across the country.

“The Bush administration constantly reminds us that the terror threat is still very real - as long as there is a terror threat, we need terrorism risk insurance. It’s time the administration starts supporting this bill.”

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