Terrorism Risk Insurance Program Authorization Act

Floor Speech

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Mr. NELSON. Mr. President, today I commend my colleagues for a strong bipartisan vote in favor of S. 2244, the Terrorism Risk Insurance Program Reauthorization Act.

After the attacks of September 11, 2001, the Terrorism Risk Insurance Act, or TRIA, helped stabilize the commercial property market. This has allowed for continued commercial property development and real estate lending for office buildings, hotels, malls, and tourist attractions across the United States. In Florida, TRIA has been particularly important for continued development in the tourism sector--which is a critical part of the economy.

The passage of S. 2244 today illustrates the widespread, continued support for TRIA and the need for a backstop to guarantee sufficient capacity for businesses to insure against catastrophic terrorist events, including coverage for events involving a nuclear, biological, chemical or radiological element. At the same time, S. 2244 also ensures that taxpayers are a top priority and includes a recoupment mechanism to guarantee that taxpayers are made whole if the backstop is triggered.

I now hope that the House of Representatives will take quick action on S. 2244 so that the President can sign this legislation and assure continued stability in the commercial property and insurance market.

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