Political Quotes

“I am pleased to have the opportunity to offer this amendment. I thank my colleagues, the ranking member of the Banking Committee, and the senior Senator from New York for working with my office to make this possible. The Terrorism Risk Insurance Program Reauthorization Act before us extends for 7 years the Federal loss sharing program developed in response to the market destructions that were caused by 9/11. Created in 2002, the Terrorism Risk Insurance Program was intended to be just a 3-year program. This program has since been extended twice, and the bill before us would extend its life through December 31, 2021. Given the longevity of the program, I think it would be prudent for us to focus some attention on the growing private market reinsurance capability and capacity. My amendment simply establishes an advisory committee composed of members of the insurance industry to provide recommendations to accelerate the creation and development of private nongovernmental risk-sharing mechanisms for terrorism losses. I urge my colleagues to join me in taking this modest step toward developing a functioning private-run market for terrorism risk insurance, thereby reducing dependency on the Federal Government in this regard. I yield the floor and I note the absence of a quorum. The PRESIDING OFFICER. The clerk will call the roll. The legislative clerk proceeded to call the roll.”