Political Quotes

“Mr. Chairman, as one of the original authors of the first TRIA legislation back in 2002, which passed this House with a strong vote, and also as a supporter of the extension in 2005, which I also cosponsored, I am disappointed that I have to rise today in opposition to the present bill. But I do so sincerely. The whole idea of TRIA, the 2002 bill, the 2005 extension, was to create a short-term government backstop which would allow the insurance industry, the private market to adjust to the 9/11 reality. By any objective measure, people on both sides of the aisle have said TRIA has been a success. Secretary Hank Paulson supported a TRIA which was a government backstop as the government continued to process the stepping back. The terrorist insurance markets have stabilized. Policyholders are requesting and they are receiving coverage. Prices have declined. Reinsurance has become more available. The private marketplace is diversifying, and it is absorbing additional risk exposure every day.”