Terrorism Risk Insurance Revision Act of 2005
TERRORISM RISK INSURANCE REVISION ACT OF 2005 -- (House of Representatives - December 17, 2005)
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Ms. WASSERMAN SCHULTZ. Mr. Speaker, the infinite risks associated with terrorism demonstrated their potential to destabilize our Nation's markets after the attacks of September 11, which is why I will support the final version of TRIA before the House today. However, I, too, do so with strong reservations and some disappointment in what could have and should have been.
In spite of the tremendous leadership, hard work and cooperative efforts put forth by House Financial Services Committee Chairman MICHAEL OXLEY and Ranking Member BARNEY FRANK, the other body chose to forego a fair and democratic conference process and needlessly tossed away an opportunity to truly strengthen our markets and protect consumers.
I commend Chairman Oxley, Ranking Member Frank, Mr. Kanjorski and Mr. Baker and all the members and staff, especially, of the Financial Services Committee for producing an initial bill that included a number of critical reforms to help protect Americans and our economy in the event of another terrorist attack.
This initial bill passed by an overwhelming majority here on the House floor and included a number of important consumer protections. As has been discussed, it would have extended the Federal backstop to include group life insurance, thereby ensuring that taxpayer dollars would be used not only to undergird real estate and insurance companies in the event of brick and mortar losses, but it would have provided financial protections to families who suffered the loss of a loved one in the event of another tragedy like September 11.
Moreover, those same taxpayers are being denied the right to travel freely by some of the very insurance companies who sought the extension of TRIA in the first place. The House's bill included a provision that I introduced and passed with the support of my colleagues on the Financial Services Committee during the markup of TRIA to address this unfair practice. While Americans can legally travel without the fear of government standing in our way, some life insurance companies do stand in the way, and they will continue to do so until this Congress acts.
As Americans, one of the liberties we cherish and enjoy is the freedom to explore and travel legally and freely around the world, be it for recreational, religious or cultural purposes. The unrestrained lawful foreign travel of American citizens is generally considered to be in the best interest of the United States.
Potential future travel to countries, especially our Nation's allies, should not be the sole basis for denying individual life insurance coverage. When we allow this to occur, we give in to terrorists and others who wish to change our way of life. While we should be proud that this provision gleaned broadbased, bipartisan support in the House, it is wrong that the other body refused to conference on the important elements in the House-passed version of TRIA. We cannot stop fighting for American consumers and taxpayers. We must back up our tough talk about fighting terrorism with action.
And, again, Mr. Speaker, I wish to thank Chairman Oxley and Ranking Member Frank for working cooperatively together. It is a privilege to serve on a committee that puts as a high priority working together for the greater good.
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