Terrorism Risk Insurance Act

Floor Speech

Madam Speaker, with the anniversary of 9/11 just a few days away, we are reminded not only of the enormous loss of innocent life and physical destruction that terrorism can bring, but also the long-term, economic harm that follows an attack.

As we have seen with the rise of ISIS, the American people and our interests are always a target and remain under constant threat. With our economy remaining stagnant over the past several years, Congress must make sure we are doing everything we can to protect our citizens and safeguard our fiscal health.

One of the steps we can and must take before the end of this year is to reauthorize the Terrorism Risk Insurance Act. This will provide much-needed certainty in the marketplace by making sure that terrorism risk insurance coverage is readily available. This insurance is absolutely key to maintaining our economic security.

Without this reauthorization, we will leave the American people vulnerable to danger that could have been prevented. The Senate has passed a TRIA reauthorization, and I applaud Chairman Hensarling for passing a TRIA bill through the committee in June. While reasonable people can disagree on how this gets done, we should all agree that it must happen.

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