U.S. Sen. Cory Booker (D-NJ) today released the following statement on the Senate passage of the Terrorism Risk Insurance Program Reauthorization Act (TRIA), which provides a critical backstop for insurance coverage.
"Today the Senate bolstered our nation's preparedness and economic security by reauthorizing this critical program. Terrorism insurance has become vital to the construction and commercial real estate industries in the years following 9/11," said Sen. Booker, a co-sponsor of the bill, which extends the existing TRIA program for seven years.
"TRIA offers important protections that allow New Jersey businesses to thrive -- keeping construction workers on the job -- while increasing our nation's economic resilience in the event of an attack," Booker added.
After 9/11 there were major disruptions in the commercial property sector that made it difficult for businesses to obtain financing and terrorism risk insurance. The lack of coverage had a destabilizing effect on the economy.