On the recordDecember 10, 2014
I thank Chairman Hensarling and Chairman Neugebauer for their tireless work on this important issue, and I tell my colleagues that while TRIA is an important program, it is also in need of reform. This bill that we are considering today does just that in a responsible way, and I urge support of it. Let there be no mistake: this bill reforms the TRIA program. It takes important steps to protect taxpayer dollars and ensure that industry has more skin in the game. Also, I remind my colleagues that without TRIA, it is entirely possible that taxpayers would be on the hook for the entire bill in the wake of a terrorist attack. This legislation includes a strong recoupment mechanism and a higher threshold for Federal assistance, building a program that has a long-term reauthorization with greater protections for taxpayers. The legislation we are considering today, however, does more than reauthorize TRIA. It also contains important language to ensure derivative end users, including farmers, ranchers, utilities, airlines, and small businesses, can lock in prices, remove volatility from the marketplace, and keep consumer prices stable. Without this fix, those farmers, ranchers, and Main Street businesses will have to post margin against trades they enter into for the sole purpose of managing their commercial risk. Mr. Speaker, I urge passage and support of this bill.
