Letter to John Boehner, Speaker of the House, and Pete Sessions, Chairman of the House Committee on Rules - Financial Services Committee Democrats Call for Transparency in TRIA Debate

Letter

The Honorable John A. Boehner The Honorable Pete Sessions
Speaker Chairman
U.S. House of Representatives Committee on Rules
H-232, the Capitol H-312, the Capitol
Washington, D.C. 20510 Washington, D.C. 20514

Dear Speaker Boehner and Chairman Sessions:

As the House moves forward in consideration of H.R. 4871, the TRIA Reform Act of 2014, we urge you to allow a fair and open process that will allow for a full debate on this legislation.

Since its enactment in 2002, the Terrorism Risk Insurance Act (TRIA) has made terrorism coverage available and affordable by requiring insurance companies to offer coverage to commercial entities in exchange for a federal backstop used to protect against only the largest terrorism-related events. This widely successful program has created jobs, fostered certainty in the marketplace and protected both U.S. national and economic security, all at no cost to the taxpayer.

Despite widespread support for the reauthorization of TRIA, several provisions of H.R. 4871 are causing concern amongst our nation's businesses, real estate industry, employers, sports and entertainment industries, universities, insurers, and others. Prior to the House Committee on Financial Services markup of H.R. 4871, the Committee received letters from a wide range of stakeholders expressing concerns with three main areas of the bill: the 500% increase to the program trigger; the bifurcation of conventional and nuclear, biological, chemical, and radiological attacks; and increased recoupment burdens. Additionally, we have recently received letters from the U.S. Chamber of Commerce, the CRE Finance Council, the National Association of Mutual Insurance Companies, the Property Casualty Insurers Association of America, and the Risk and Insurance Management Society, expressing serious concerns with several of the bill's provisions and urging the House to allow for a process to address these concerns during floor consideration.

We write today to echo these concerns and ask for the opportunity to address them in a responsible manner during floor consideration. To do so, we urge a full and open amendment process on H.R. 4871.

Sincerely,