Pete Sessions: “Today the House of Representatives is considering a rule for consideration of a bill to reauthorize the Terrorism Risk…”

“Today the House of Representatives is considering a rule for consideration of a bill to reauthorize the Terrorism Risk Insurance Program, or a program known as TRIA. Without this bill, TRIA is set to expire on December 31, meaning that the House and the Senate must now act or the program will end at the end of this year. Since TRIA was signed into law in 2002, it has served as an effective means of dealing with the problem of availability of terrorism insurance. TRIA has enabled the private insurance market to provide an essential type of coverage that otherwise may not exist. However, like many other government programs, TRIA needs to be looked at and reformed in order to serve its original purpose, and that is why we are here today, Mr. Speaker. Thanks to the leadership of Chairman Jeb Hensarling and Vice Chairman Randy Neugebauer of the Financial Services Committee, S. 2244 provides for many of those necessary reforms that will protect taxpayers, promote market stability, and provide for economic security for the American people, all in one, brand-new package. What we are doing here today is important and essential for many people, but it is here to maintain the stability of a marketplace. Mr. Speaker, I would like to take us back to 2001, shortly after the terrorist attacks on 9/11.…”