Revised Terrorism Risk Insurance Bill Passes House

WASHINGTON – Congresswoman Carolyn B. Maloney (D-Manhattan, Queens), an original co-sponsor of the “Terrorism Risk Insurance Revision and Extension Act” (H.R. 2761), issued the following statement today after the House passed the “Revised Terrorism Risk Insurance Act (TRIA)” (H.R. 4299) by a vote of 303 to 116:

“There are few issues as important to our nation’s economy as a stable, long-term federal support system for terrorism risk insurance.  I applaud Chairman Frank and Speaker Pelosi for moving this critically important legislation forward, and I urge the President to reconsider his misguided veto threat. 

“The President promised to help New Yorkers rebuild after the devastating attacks of 9/11, and extending TRIA is an important step in that ongoing process.  New Yorkers need a new TRIA bill, not another broken promise from this Administration.  

“The President wants a short-term, temporary TRIA extension, which would only exacerbate market disarray and harm our economy – exactly what the terrorists want.  The seven-year extension included in the bill is a positive step forward.  I will continue working with my colleagues in the New York congressional delegation to pass an even longer TRIA extension to help aid in the full redevelopment of lower Manhattan.” 

Background:

TRIA provides a federal backstop to the insurance industry by providing compensation for a portion of insured losses resulting from acts of terrorism.  TRIA was first passed in the wake of the 9/11 terrorist attacks as a temporary three-year program, and then later extended through 2007.  Without another extension, TRIA will expire at the end of this year, leaving many risk insurance policyholders unable to obtain coverage. 

September 19, 2007: Terrorism Risk Insurance Bill Clears House: http://maloney.house.gov/index.php?option=content&task=view&id=1454&Itemid=61

March 5, 2007: House Holds NYC Hearing on Extension of Terrorism Risk Insurance Act: http://maloney.house.gov/index.php?option=com_content&task=view&id=1299&Itemid=61

December 17, 2005: Terrorism Risk Insurance Extension Gains Final Passage:
http://maloney.house.gov/index.php?option=com_content&task=view&id=1026&Itemid=61

June 30, 2005: Bush Administration Claims Terrorism Risk Insurance is No Longer Necessary: http://maloney.house.gov/index.php?option=com_content&task=view&id=70&Itemid=61

June 17, 2002: Maloney, Corzine Call for Swift Passage of Terror Reinsurance Legislation: 
http://maloney.house.gov/index.php?option=com_content&task=view&id=588&Itemid=61

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