Wayne Allard: “I would like to address extension of the Terrorism Risk Insurance Program or TRIA. I am strongly reminded of the words…”

“I would like to address extension of the Terrorism Risk Insurance Program or TRIA. I am strongly reminded of the words of the great economist Milton Friedman: ``Nothing is so permanent as a temporary government program.'' I remember quite clearly when the insurance industry requested a temporary Federal backstop after the terrorist attacks of September 11, 2001. I cannot stress the word temporary strongly enough in this context. Industry witnesses testified before the Banking Committee that they only needed a temporary program in order to give the private markets time to adjust. I was also promised in private meetings that the program would only be temporary. Insurance industry representatives told me repeatedly that they would not come back to seek an extension of the program. I was quite clear in expressing my disappointment with them when shortly after implementation of the program they began advocating for an extension. I very reluctantly supported the last extension because I believed it made progress in forcing the private sector to step up to the plate. I am here today, though, to say enough. I intend to hold the insurance industry accountable for their pledge of a temporary program by opposing the TRIA reauthorization bill. I regret that those who utilize insurance are caught in the middle. Unfortunately, there doesn't seem to be another way to spur insurance industry action to address this problem.”