Terrorism Risk Insurance Revision Act of 2005

TERRORISM RISK INSURANCE REVISION ACT OF 2005 -- (House of Representatives - December 17, 2005)

BREAK IN TRANSCRIPT

Mrs. KELLY. Mr. Speaker, I rise today to urge my colleagues to vote for this bill, although I do so with a great deal of disappointment.

This bill does reauthorize TRIA for the next 2 years, and failure to reauthorize the program would lead to gaps in insurance coverage that could kill economic growth and recovery nationwide. Unfortunately, this bill contains none of the improvements to the TRIA program that the House passed earlier. The bill before us today lacks group life coverage. It lacks coverage for domestic terrorism. It lacks a commission to study the availability of terrorism insurance for the World Trade Center, and other sites after this current extension ends.

The other body's refusal to negotiate with this House on ways to make TRIA work better for the taxpayers, policy holders, and regulators is beyond seriously disappointing. As Chairman Oxley said, and you have heard from other Members, this legislation simply kicks the can down the road. It is an opportunity that has been lost.

I want to thank Chairman Oxley and Chairman Baker for their hard work. I want to thank my colleagues on the other side of the aisle. We have worked together to try to create a very strong bill that would help the United States of America economically.

Mr. Speaker, I look forward to immediately working with them on a better, stronger reauthorization of the program before it expires again in 2009.

BREAK IN TRANSCRIPT

http://thomas.loc.gov