TERRORISM RISK INSURANCE EXTENSION ACT OF 2005 -- (Extensions of Remarks - December 08, 2005)
HON. RON KIND
IN THE HOUSE OF REPRESENTATIVES
WEDNESDAY, DECEMBER 7, 2005
Mr. KIND. Mr. Speaker, I rise in strong support of S. 467, the Terrorism Risk Insurance Extension Act of 2005, TRIA. The brutal attacks of September 11, 2001, shook the Nation, caused enormous grief, and strengthened the country's resolve. Congress pledged to do all we could to help the victims' families and to write policy that would help in the aftermath if such an attack ever occurs again.
One tangible way Congress can help is to make sure that businesses can afford terrorism insurance; to do this, we must reauthorize TRIA. Before the terrorist attacks of 9/11, most insurers offered terrorism insurance. Between 9/11 and the signing of TRIA in 2002, it was estimated that more than $15 billion in real estate transactions had been canceled or put on hold because owners and investors could not obtain the insurance protection they needed. TRIA, a public/private partnership, protects consumers, keeps an engine of our society going, and respects state regulation of insurance.
As cochair of the New Democrat Coalition, I have long believed that TRIA has worked well for individuals, businesses large and small, and our country. I am proud that the NDC has been a leader on this issue, and I am pleased that Speaker HASTERT has responded to the letter our coalition sent to him earlier this year, urging him to bring TRIA to the Floor. TRIA is scheduled to expire at the end of this month, but Mr. Speaker, threat of terror has not expired.
I plan on supporting this bill, and I encourage my colleagues to do the same.