Terrorism Risk Insurance Program Reauthorization Act of 2019

Floor Speech

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Mr. MEEKS. Mr. Speaker, I rise in strong support of H.R. 4634, the Terrorism Risk Insurance Program Reauthorization Act of 2019.

Mr. Speaker, let me take my hat off to Chairwoman Waters and Ranking Member McHenry for working closely together to make sure that this is a bipartisan bill, bringing us all together in that regard, as well as the other chairs of the subcommittees that worked very hard on this bill.

Terrorism risk remains real and present. It is a present risk.

This is especially true for my beloved city of New York, which terrorists seek to target not only for its large population and notable landmarks but also because they seek to disrupt the New York capital markets, which are the financial nervous system of America and the world.

In October, I had the privilege to participate in a New York Police Department counterterrorism unit briefing on the continuing terrorism threats to New York City. There have been dozens of foiled plots and a handful of realized attacks. We cannot let our guard down.

TRIA deserves, and in the House has won, broad bipartisan support.

Companies and residents of cities and States that are at risk of terrorism urgently need Congress to finalize passage of a clean, long- term reauthorization of TRIA to provide the certainty that they need for long-term planning. That is exactly what the chair and ranking member have worked so hard to accomplish.

As we consider this legislation, it is critical to keep in mind that terrorism insurance is a covenant in many business and real estate loans and contracts. As such, as we saw after the 9/11 attacks on New York, any lapse risks triggering defaults or freezing commerce and housing markets.

Capital markets and insurance policies are typically written on long- term contracts, so new insurance policies are already being written today that extend beyond the potential expiration date of the current TRIA authorization.

As we look at the U.S. economy, we must make sure to not allow any lapse in TRIA, which could exacerbate a slowdown by freezing funding in the real estate market and funding to business and markets considered most at risk, such as in New York.

Mr. Speaker, I close by simply saying, as I started, to the chairwoman, who relentlessly worked together with Mr. McHenry to make sure that this is a bill that we could work closely together on, because this is a bill that benefits all of us in the United States of America, that that job is a job well done, and I thank the chair and ranking member very much for pulling us together and getting this bill across the finish line.

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