June 3, 2014
Washington, DC – Today, Chairman Tim Johnson (D-SD) held a markup on S. 2244, the Terrorism Risk Insurance Program Reauthorization Act of 2014. This bill extends the current TRIA program for seven years while taking steps to further protect taxpayers.
Below is Chairman Johnson’s Statement as Prepared for Delivery.
“I call the Committee to order and move to executive session.
“We will now consider S. 2244, the Terrorism Risk Insurance Program Reauthorization Act of 2014, offered by Senators Schumer, Kirk, Reed, Heller and many of our colleagues both on and off this Committee. This bipartisan legislation is the result of a tough, but fair compromise that will extend the TRIA program for another 7 years.
“Congress first passed TRIA in response to the insurance industry no longer offering coverage for the commercial property market following the tragic September 11th terrorist attacks. Today, the private insurance industry has returned to the marketplace and is now able to serve this vital market because of TRIA, not in spite of it. From its inception, this program was designed to protect taxpayers, and with the work of the Members of this Committee, this bipartisan bill continues to bolster these protections. In fact, a recent RAND study showed that eliminating TRIA would increase – not decrease – Federal spending by billions of dollars in the event of a terrorist attack.
“The extension provided by S. 2244 will continue to promote job creation and provide certainty for businesses, both small and large, and for those who manage commercial properties, including stadiums, hotels, universities and malls throughout the country. I want to thank Ranking Member Crapo for his partnership and constructive role in advancing this bipartisan bill, and I thank the cosponsors of the bill for working with me and the Ranking Member.
“After reporting the bill out of Committee, I look forward to working with the Ranking Member and sponsors of the bill to move it quickly to the floor and send it to the House.”