U.S. Chamber Applauds Senate Passage of the Terrorism Risk Insurance Reauthorization Act

Thursday, January 8, 2015 - 2:45pm

WASHINGTON, D.C.—U.S. Chamber of Commerce Executive Vice President for Government Affairs Bruce Josten today issued the following statement regarding Senate passage of H.R. 26, the Terrorism Risk Insurance Program Reauthorization Act of 2015 (TRIA).

“In this new Congress, the Chamber applauds both the House and Senate for moving swiftly to reauthorize the Terrorism Risk Insurance Program, a critical public-private partnership that provides necessary security to our nation’s business community. With this legislation, Congress has given lenders, borrowers, and developers the assurance they need to proceed with new and existing projects, enabling economic development and job creation.  

“Since its creation TRIA has helped ensure economic resiliency in the event of a terror attack on our nation, while simultaneously protecting taxpayers. This legislation, approved with bipartisan support in both the House and Senate, not only ensures commercial availability of coverage, but also increases taxpayer protections.

“Additionally, TRIA includes important reforms which will help bolster our economy, such as a clarification of Dodd-Frank that will protect main street companies that use derivatives to hedge their business risk. 

“The Chamber urges President Obama to quickly sign TRIA into law, helping to ensure that our nation avoids economic uncertainty and paralysis.”

On January 7, 2015 the Chamber sent a Key Vote letter regarding the bill. The letter is available here.   

The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.