Kelly Seeks Renewal of Terrorism Risk Insurance Act
July 13, 2005
Congresswoman Says TRIA Extension Is Essential to Protect New York Economy
WASHINGTON - During a House Financial Services Committee hearing this afternoon, U.S. Congresswoman Sue Kelly continued her efforts to spur renewal of the Terrorism Risk Insurance Act (TRIA) that is due to expire at the end of this year.
The Treasury Department announced in a report last week that TRIA should not be renewed in its current form. Kelly spoke strongly in favor of TRIA during the hearing. She told Treasury Secretary John Snow that a terrorism insurance backstop is vital for the nation's economy, particularly in New York.
"Failing to make terrorism reinsurance permanently available leaves our economy, our jobs, and our well-being more vulnerable to the designs of the terrorists who hope to destroy our economic strength," Kelly said. "I urge the members of this committee to act with me to pass permanent terrorism reinsurance legislation that protects taxpayers and creates jobs."
"TRIA is an excellent way to ensure the availability of terrorism insurance at reasonable costs while minimizing taxpayer liability," Kelly said. "TRIA has lowered premiums and increased uptake rates in cities at risk of terror attacks."
TRIA was enacted after the Sept. 11 terrorist attacks in New York and Washington, and the implementation of the terrorism insurance program was critical to sustaining the construction industry and the economy. Approximately $15 billion in construction that stopped after the attacks was ultimately restored by TRIA, restoring numerous jobs in New York and around the country.
http://suekelly.house.gov/News.asp?ARTICLE3316=16011