Providing for Consideration of H.R. 4299, Terrorism Risk Insurance Program Reauthorization Act of 2007

Floor Speech

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Mr. SESSIONS. Mr. Speaker, I yield myself such time as I may consume.

I rise in opposition to this rule, despite my long-term support for TRIA, because passing a bill that has already been pronounced dead on arrival in the Senate foolishly puts the reauthorization of this important program in jeopardy as its expiration date at the end of the year draws ever closer because the Democrat House leadership has decided to continue to play political games on this issue.

By engaging in this game of what I call ``legislative chicken'' with the Senate, the House is setting itself up for potentially allowing this important program to expire, an outcome that I believe is bad for continued growth of the American economy and is an outcome that I strongly oppose.

But even if the Senate were somehow to miraculously pass this legislation, the Statement of Administration Policy regarding this legislation that was released by the Office of Management and Budget on Tuesday makes it clear that President Bush will veto this bill in its current form and that any extension of the TRIA program must be temporary and short term, include no program expansion and must increase private sector retentions.

At this time, I will submit a copy of the Statement of Administrative Policy for substantially similar legislation explaining the futility of today's legislative exercise in the Congressional Record.

Executive Office of the President, Office of Management and Budget,

Washington, DC, December 11, 2007.

Statement of Administration Policy

H.R. 2761--TERRORISM RISK INSURANCE PROGRAM REAUTHORIZATION ACT OF 2007

The Administration believes that the Terrorism Risk Insurance Act (TRIA) should be phased out in favor of a private market for terrorism insurance. The most efficient, lowest-cost, and most innovative methods of providing terrorism risk insurance will come from the private sector. Therefore, the Administration has set forth three key elements for an acceptable extension of TRIA: (1) the Program should be temporary and short-term; (2) there should be no expansion of the Program; and (3) private sector retentions should be increased.

The Administration continues to believe that any TRIA reauthorization should satisfy these three key elements. However, the Administration will not oppose the version of H.R. 2761 passed by the Senate on November 16, 2007. The Administration strongly opposes any amendments that move the Senate-passed version of the bill away from the Administration's key elements. Accordingly, if H.R. 2761 were presented to the President in the form to be considered by the House, his senior advisors would recommend that he veto the bill.

Mr. Speaker, the Senate version of this legislation is not perfect. However, I do believe that on behalf of terrorism insurance policyholders, American workers and businesses, the health of our insurance marketplace and the continued growth of the American economy, it is important for the House to stop playing games with TRIA and to pass a bill that can advance through the Senate and be signed into law by President Bush.

Mr. Speaker, I encourage all of my colleagues to reject this exercise in legislative futility so that the Rules Committee can instead bring to the floor a rule that would provide for consideration of the Senate compromise bill that the House has already received.

It's time to stop playing games on this important issue and for the majority to finally grow up and lead to protect the American economy from the threat of terrorism.

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Mr. SESSIONS. Mr. Speaker, we urge the legislation to be passed, also. And that's why we're encouraging for the House to agree to the Senate version so we can get this done before the expiration at the end of the year.

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Mr. SESSIONS. Mr. Speaker, I appreciate both the gentlemen from the Financial Services Committee offering their explanation about this process. I would once again remind my friends in this great body that there is a lot of work that needs to be done after this bill leaves both of these bodies, including a signature of the President of the United States. What we do does matter and is important. But it is time we get our work done to allow the people who really do matter, and that is the people who are in the marketplace to be able to buy the insurance, to make it available and to get it ready days from now. It is time to put aside our differences. It is time to enter the real negotiation, and that is either to have a real conference where we know where people are to get it done, or to find a way to cut a deal. And, instead, to come back to this body and to once again change the rechange of the change I think is a bad deal.

So we're going to vote ``no.'' We would like to get the deal done, but not to continue to deal.

You see, Mr. Speaker, in the world where I come from, it is results that matter, not just reworking the work to rework the work, just like what this body has gotten used to this year with 10 out of 11 spending bills not being done. I would remind the majority, you got a lot of work to do there, too, so that we can have the confidence of the American people that we can not only run the railroad on time, but we can make wise decisions.

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