House Passes New Democrat Coalition-Endorsed, Bipartisan TRIA Bill
Today, the House of Representatives passed the New Democrat Coalition-endorsed (NDC) H.R. 4634, The Terrorism Risk Insurance Program Reauthorization Act of 2019. The Terrorism Risk Insurance Act (TRIA) was signed into law in the aftermath of the September 11 terrorist attacks, which resulted in the largest insured losses from a non-natural disaster on record, and caused terrorism risk insurance coverage to become unavailable or extremely expensive. TRIA corrects this market failure and keeps terrorism insurance coverage affordable and available by creating a federal backstop in the event of another attack.
Specifically, this bill provides a 7-year reauthorization of the Terrorism Risk Insurance Program (TRIP), requires a GAO report on cyber terrorism risks, and requires biennial Treasury reporting that includes disaggregated data on the feasibility of terrorism risk insurance for places of worship.
“We want Americans to always be able to invest in their communities, build businesses, create jobs, and show up to work. The Terrorism Risk Insurance Program provides the financial security needed for that to happen – matching the resilient spirit of the American people,” said NDC Chair Derek Kilmer. “On behalf of the New Democrat Coalition, I want to thank Chairwoman Waters and Subcommittee Chairwoman Maloney for working with our Coalition to pass this important bill in the House.”
“Millions of Americans have been affected by the horror of terrorism and millions more live under its ever-present threat. My community in Southwestern Connecticut was forever changed by the events of September 11, 2001 and, even with an entire nation rallying behind it, New York City took years to recover,” said NDC Chair Emeritus Jim Himes. “The Terrorism Risk Insurance Program provides reassurance to towns and cities across the country that we will stand behind them in the event of tragedy, and nowhere in America will be abandoned in its hour of need.”
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