Political Quotes

“I rise to speak on S. 2244, the Terrorism Risk Insurance Program Reauthorization Act. This is a bill I have worked on closely with my colleagues Senators Schumer, Kirk, and Reed from Rhode Island. I also want to thank Chairman Johnson and Ranking Member Crapo, who have been instrumental in getting this bill to this point. Without their leadership, we would not be here today. The terrorist attacks on September 11 caused a sudden and dramatic shock in the domestic market for terrorism insurance. After the attack there was a tremendous amount of uncertainty about the frequency and potential size of future attacks. Insurers quickly withdrew from the terrorist coverage market, and a new threat to our economy emerged. In response, Congress passed TRIA, to provide a Federal insurance backstop for terrorism coverage. Since the passage in 2002, TRIA has helped ensure the widespread availability of affordable insurance against terrorism. This helped spur new development and protected existing real estate throughout our country. TRIA was reauthorized in 2005 and reauthorized again in 2007. It is currently set to expire at the end of this year unless Congress acts. Unfortunately, the tragic bombing in Boston last year has shown that even years after September 11, the threat of terrorism still exists and we must continue our efforts to prevent, respond, and recover from any possible attacks in the future.…”