June 3, 2014
Washington, DC – Today, the Senate Banking Committee approved S. 2244, the Terrorism Risk Insurance Program Reauthorization Act of 2014, by a unanimous vote of 22-0. This bill extends the existing TRIA program for seven years while taking steps to further protect taxpayers.
“I am pleased today that the Banking Committee unanimously supported this important bipartisan bill,” said Johnson. “This seven year extension of TRIA will continue to help promote economic growth and provide certainty for commercial property development and job creation across the country while protecting the taxpayer. With such a substantial bipartisan vote out of the Banking Committee, I thank my colleagues on both sides of the aisle and plan to continue working with them to move the bill through the Senate in a timely manner.”
“The Banking Committee worked to develop a program that will help limit the economic damage of any future terrorist attack, make our economy more resilient, and increase taxpayer protection,” said Ranking Member Crapo. “I thank the Chairman and co-sponsors of this bill for developing a balanced extension to the program.”
In the aftermath of the tragic September 11th terrorist attacks on our country and after suffering steep losses, insurance companies stopped offering terrorism coverage as part of their commercial property policies. The lack of coverage had a destabilizing effect on our economy. In response to this, Congress stepped in and created the Terrorism Risk Insurance Program to provide a narrow and targeted government backstop for this critical insurance coverage. The program has since been reauthorized by Congress twice.
The Banking Committee has held two hearings on the importance of TRIA reauthorization, and S. 2244 was introduced by Senators Schumer (D-NY), Kirk (R-IL), Reed (D-RI), Heller (R-NV) and others on April 10, 2014. Currently, the bill has 23 cosponsors. The existing TRIA program expires on December 31, 2014.