Chamber Key Vote Letter Supporting H.R. 4314, The Terrorism Insurance Risk Revision Act of 2005
December 7, 2005
TO THE MEMBERS OF THE U.S. HOUSE OF REPRESENTATIVES:
On behalf of the U.S. Chamber of Commerce, the world's largest business federation representing more than three million businesses and organizations of every size, sector and region, I am writing to express our strong support for H.R. 4314, The Terrorism Insurance Risk Revision Act of 2005, which would reform and extend the Terrorism Risk Insurance Act (TRIA) for two more years.
H.R. 4314, which was passed out the House Financial Services Committee on a wide bipartisan vote, would temporarily extend a government insurance backstop to help insure against catastrophic losses caused by terrorism. It will help keep the economy strong in the face of continued terrorist threats by allowing businesses across America to secure this commercially necessary product, saving countless jobs in the process. Moreover, it will serve as an important tool to minimize the severe economic disruption that almost certainly will occur from a future terrorist attack.
As you know, TRIA is set to expire at the end of this year and there are serious doubts about the private market's ability to provide needed coverage. This uncertainty, combined with the acute and constant threat of further terrorist attacks, makes an extension of TRIA vital to America's economic security.
The Terrorism Insurance Risk Revision Act of 2005 is a priority for the members of the U.S. Chamber of Commerce. Due to the importance of this legislation for the business community, the U.S. Chamber may consider votes on, or in relation to, H.R. 4314 as key votes in our Chamber's annual "How They Voted" ratings.
R. Bruce Josten
Executive Vice President, Government Affairs
U.S. Chamber of Commerce