Sean Patrick Maloney: “part of our war against terror is putting our economic house in order, and this bill is essential to achieving that…”

“part of our war against terror is putting our economic house in order, and this bill is essential to achieving that goal. Businesses and real estate and development tell me in New York City now that it is absolutely impossible to get insurance until this bill passes. After 9/11, of all the aid that my colleagues gave which helped New York, in my opinion the absolute most important act was passing TRIA, the Terrorism Risk Insurance Act. We were not able to build anything or to move forward in any way until the insurance package was in place. So this bill today is tremendously important. There are many important features in it. I would like to particularly point out that the House bill adds group life insurance, since it is not only property that is at risk in a terrorist attack but also human lives. Secondly, the bill creates a commission of private sector experts to come forward with long-term private sector solutions. It gives the private sector the responsibility to develop a private sector solution for Congress to consider. It also has a third year as a transition for a long-term solution that the commission will hopefully come forward with. Without the benefits and the flexibility provided in the House bill, I am afraid that in 2 years we will be at the same place we are now, having no new outside government thinking and no ability to implement new ideas or accommodate marketplace developments.…”