Scott Garrett: “I rise today to voice my very reluctant opposition to the underlying bill. Over the last 8 months, the Financial…”

“I rise today to voice my very reluctant opposition to the underlying bill. Over the last 8 months, the Financial Services Committee has had several hearings on this important topic, including one that I attended in New York City. I thought these hearings were very productive and I am pleased that the Committee and this House are focused on an issue that is not only very important to the 5th district of New Jersey, but to our national economic well-being. After the terrorist attacks of 9/11, terrorism risk insurance either became unavailable or extremely expensive and many businesses were no longer able to purchase insurance that would protect them in any future terrorist attack. Financially, terrorist threats pose a risk of serious harm not only to the insurance industry, but also to the real estate, transportation, construction, energy, and utility sectors. Even beyond the horrific human toll, terrorists could inflict real pain by melting our infrastructure and economy down. Recognizing the detrimental effects an attack could have upon our economy, Congress acted quickly and responsibly to debate and pass the Terrorism Risk Insurance Act of 2002, better known as TRIA.”