Hoyer: Inaction on Terrorism Risk Insurance Act Reauthorization Will Harm Our Economy and the Creation of Jobs

WASHINGTON, DC – House Democratic Whip Steny H. Hoyer (MD) delivered the following remarks today at a press conference urging House Republicans to pass a long-term, multi-year extension of the Terrorism Risk Insurance Act before it expires at the end of this year:

“Thank you very much, Leader Pelosi, and let me join you in congratulating [Rep.] Maxine Waters on her leadership [as] the Ranking Member on the Financial Services Committee and all the Members of the Financial Services Committee, the [Ranking Member] of our Small Business Committee [Rep. Nydia M. Velázquez], all of whom have worked so very hard on this issue and understand the consequences of inaction. The consequence of inaction is to harm our economy, harm the creation of jobs, and to have lingering lack of confidence in the fact that this Congress can act in a positive way.

”As a result, we are urging before the 113^th Congress adjourns for a TRIA extension, long-term, [to] be put on the Floor. If it is put on the Floor, it will get at least 250 votes. This is not a question of an issue that does not enjoy majority support. In fact, forty-five Republicans wrote to the Speaker just a few days ago urging him to put a long-term extension of TRIA on the Floor. It is like so many other pieces of legislation that enjoy broad-based support. Why? Because, as the Leader has said, this is not a partisan issue. And, when it passed originally, it was not a partisan vote. I believe that Speaker Boehner is for this. I believe that we should not allow a small, willful, ideological minority to undermine the creation of jobs, the growth of our economy, and the stability of our system.

“In July, the Senate sent us a bill, which passed 93-4. 93-4. Ninety-three percent of the United States Senate, and ninety-five percent of those who voted on the bill, voted for it. I think I understated when I say 250 [votes in the House]. It may well be closer to 300. But in the letter that forty-five Republicans sent to the Speaker just a few days ago, they said this: ‘We respectfully urge you to schedule action on a multi-year extension immediately… Businesses with terrorism coverage are being told that their coverage will end if Congress fails to act, causing the sort of uncertainty that hurts economic growth.’ So, yes, I have said that, but perhaps with more credibility for their Republican friends are forty-five of their colleagues who have said that is the case as well.”