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Terrorism Risk Insurance Program Reauthorization Act of 2007

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Location: Washington, DC


TERRORISM RISK INSURANCE PROGRAM REAUTHORIZATION ACT OF 2007 -- (House of Representatives - December 18, 2007)

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Mr. LARSON of Connecticut. Mr. Speaker, I rise in strong support of this legislation, and I would like to associate myself with the remarks of Mr. Ackerman, Mr. Frank, Mr. Bachus, Mr. King, and all those who have spoken so eloquently on this floor.

Mr. Frank made two points; one essentially about the need for this legislation and the process we must go through. We all understand, for the economy to grow, banks need to make loans. In order for banks to make loans, they have to have insurance.

What this provides, as Mr. King says, is a security backstop for the Nation, not only in New York City but all across this great country of ours.

Mr. Frank made a second point as well about the process here, quoting Madison as being the problem here with our colleagues on the other side. I want to commend Senator Dodd for his willingness to go forward, and also Mr. Ackerman for pointing out the need for the reset provision, 15 years being better than 7, and the importance of including group insurance as well. These were all vitally important to the success and ongoing future of this Nation and the great City of New York.

So I commend my colleagues, each and every one of them on the Committee on Financial Services, and thank them for this compromise piece of legislation that we know will go much further in the next session.

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