Terrorism Risk Insurance Revision Act of 2005

TERRORISM RISK INSURANCE REVISION ACT OF 2005 -- (House of Representatives - December 07, 2005)

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Ms. WASSERMAN SCHULTZ. Mr. Speaker, I am privileged to serve on the Financial Services Committee under the leadership of Chairman Oxley and Ranking Member Frank, because this bill is yet another example of what we can accomplish when both sides of the aisle work together. And this is not the first time that that has occurred, and I am sure it will not be the last when it comes to the results that come out of this committee.

As outgoing Federal Reserve Chairman Alan Greenspan once said, ``Free markets presume peaceful societies.'' The infinite risks associated with terrorism have demonstrated their potential to destabilize our markets, so I rise to express my full support for the version of TRIA before the House today.

I want to thank Chairman Oxley, Ranking Member Frank, Representative Baker, and Representative Kanjorski for their stalwart leadership on this issue. I also want to thank all members and staff from the Financial Services Committee who have worked so hard to bring this to the floor.

The House version of the bill includes critical reforms that will help protect the American economy in the event of another terrorist attack. It includes important group life provisions, streamlines insurance filings, and gives consumers more options and protections. I am proud that this legislation has gleaned broad-based bipartisan support, and I encourage all my colleagues to support the House version of the bill today and in conference.

Mr. Speaker, I look forward to working with the chairman and the ranking member and any other interested parties on the language related to the life insurance fairness-for-travelers issue.

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