October 17, 2007

Chairman Dodd Passes Three Major Bills Out of Committee

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today oversaw the passage of three major bills out of the Committee. The Terrorism Risk Insurance Program Reauthorization Act of 2007, the Sudan Accountability and Divestment Act of 2007, and the Flood Insurance Reform and Modernization Act of 2007 all passed with bi-partisan support. “I am pleased these bills have passed out of Committee and will continue to work to get them enacted as soon as possible,” said Dodd. “Extending TRIA, divestment from Darfur and reforming flood insurance are important priorities for our nation’s security and prosperity.” The Terrorism Risk Insurance Program Reauthorization Act The Terrorism Risk Insurance Program Reauthorization Act (TRIA) was originally passed by Congress and signed into law after 9/11. TRIA provides a federal backstop against catastrophic losses in the property and casualty insurance marketplace associated with massive terrorism damages. Set to expire at the end of this year, the bill passed today extends the program for seven years through December 31, 2014. “I am committed to finding a solution that will address the long-term security needs of our people and our economy in order to ensure that our nation is best prepared to deal with future terrorist threats,” said Dodd. “Nearly all of the experts agree that extending TRIA is vital to keeping our nation safe and secure, and that the insurance industry cannot do it alone. As long as the threat of terrorism remains, the federal government must do its part to ensure that terrorism insurance remains available and affordable.” The Sudan Accountability and Divestment Act The Sudan Accountability and Divestment Act, which Chairman Dodd authored, seeks to combat genocide in Darfur by focusing on the role of divestment. This legislation provides a legal framework by which state, local governments and other institutions can divest Sudan related investments from their portfolios. “Two years ago President Bush declared the crimes in Darfur genocide,” said Dodd. “We have waited too long. I look forward to getting this bill enacted as soon as possible, and to a day when the people of Darfur can again live free of the grinding, relentless violence and misery under which they have suffered for so long.” The Flood Insurance Reform and Modernization Act The Flood Insurance Reform and Modernization Act reforms and strengthens the National Flood Insurance Program (NFIP) and updates the program. Currently, the NFIP is being suffocated by staggering debt in the wake of Hurricane Katrina since it was not designed to handle a catastrophe of this magnitude. “The lack of affordable insurance is a serious problem for millions of Americans,” said Dodd. “The bill before us today helps to ensure that the flood insurance program can continue to provide critical insurance coverage so that people are not crippled when facing damage to their homes and businesses.”