Letter Supporting H.R. 2761, the "Terrorism Risk Insurance Revision and Extension Act (TRIREA) of 2007"
September 18, 2007
TO THE MEMBERS OF THE U.S. HOUSE OF REPRESENTATIVES:
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, strongly urges you to support H.R. 2761, the "Terrorism Risk Insurance Revision and Extension Act (TRIREA) of 2007," which would both extend and improve upon the current Terrorism Risk Insurance Program.
Most experts agree that there continues to be a significant threat of a terrorist attack on U.S. soil. Despite efforts to better protect the homeland, not enough has changed since the attacks of September 11, 2001 that would justify allowing the Terrorism Risk Insurance Act to expire at the end of this year. Catastrophic terrorism remains an uninsurable risk because, unlike most insurable natural disasters, its frequency and location cannot be predicted, and its potential scale can be devastating.
Congress and the administration recognized the terrorism insurance crisis and passed the Terrorism Risk Insurance Act of 2002, which was extended in 2004. This legislation created a partnership between the government and the private sector to provide businesses with a much-needed sense of security in the event of a catastrophic domestic terror attack. The Terrorism Risk Insurance Act has promoted long-term availability of terrorism risk insurance for catastrophic terror events and has provided a standard of stability for financial markets and recovery after such an attack.
The Terrorism Risk Program has been an astounding success. It has created jobs and helped America's economy grow despite the continuing terrorist threats against the United States. It is essential that Congress not allow this vital law to expire.
TRIREA would extend the previous Terrorism Risk Insurance Act for 10 years, thereby assuring U.S. business owners and their employees that the government would stand behind them in the event of such a tragedy. Furthermore, the Chamber supports the amendment offered by Rep. Peter King to extend the program for fifteen years.
Extending the Terrorism Risk Insurance Act is vital to America's economic security. Because of its importance to the business community and all the Americans that they employ, the Chamber will consider votes on, or in relation to, H.R. 2761 in our annual How They Voted scorecard.
R. Bruce Josten