Political Quotes

“Mr. Speaker, the Terrorism Risk Insurance Act, TRIA, provides a free Federal backstop to private insurers to protect them against acts of terrorism in the United States so they can have insurance. It was enacted, as all of us recall, right after 9/11 for 3 years as a very temporary measure. It was intended to give the insurance industry developers a 3-year period of transition to a private market, allow them to stabilize, to price terrorism insurance, and the third goal was to rebuild capacity. Now, in 2005, Republicans agreed. We came together bipartisanly and extended it for 2 years. However, that same year, the Treasury did a study on TRIA, and here's what they said. They said, by 2005, 2 years ago, the program had achieved all its purposes. The insurance market had stabilized. They were pricing terrorism insurance, and they were rebuilding capacity. I will submit for the Record the Treasury Department study that they found had achieved all its goals. Now, let me read from the Treasury study of 2 years ago: 'The availability and affordability of terrorism risk insurance has improved since the terrorist attacks of September 11. Despite increases in risk retentions under TRIA, insurers have allocated additional capacity to terrorism risk, prices have declined, and take-up (purchase) rates have increased.'”