Political Quotes

“Mr. President, I rise today to support S. 2244, the Terrorism Risk Insurance Program Reauthorization Act. Congress first enacted TRIA into law in 2002 after the commercial property sector saw major disruptions in the ability to obtain financing and terrorism risk insurance following the September 11 terrorist attacks. TRIA stabilized the markets and provided a government backstop to these unique markets, allowing commercial property development and real estate lending to continue for everything from hotels, stadiums, malls, to tourist attractions across the country. Experts and stakeholders testified at several banking committee hearings that there remains a clear and longstanding need for the kind of government backstop TRIA provides. We also learned the private insurance market for terrorism risk exists because of TRIA, not in spite of it. The long-term 7-year extension this bipartisan bill provides will promote national security, economic growth, and market certainty. While many Members in this Chamber would be fine with extending TRIA in its current form, this tough compromise has two additional changes that will further protect taxpayers: gradually raising both the insurer copayment from 15 percent to 20 percent, and the mandatory recoupment threshold from $27.5 billion to $37.5 billion.…”