Hoyer: Long-Term Reauthorization of the Terrorism Risk Insurance Act Gives Certainty to Businesses

WASHINGTON, DC – House Democratic Whip Steny H. Hoyer (MD) released the following statement this evening on the House passage of a long-term, multi-year reauthorization of the Terrorism Risk Insurance Act:

“I am glad that the House finally acted on a multi-year reauthorization of the Terrorism Risk Insurance Act.  I am disappointed, though, that it took this long to bring a TRIA reauthorization to the Floor and that House Republicans tacked on an unrelated financial services provision at the last minute that has no connection to TRIA. The Senate TRIA reauthorization bill passed with a strong, bipartisan vote of 93-4 in July, and a similar majority in the House would have voted in favor of a multi-year reauthorization without the addition of this unrelated measure.

“Notwithstanding those concerns, I voted in support of this legislation because it will give certainty to businesses that they will not have to suffer catastrophic losses in the event of a terrorist attack.  I join in thanking Financial Services Committee Ranking Member Maxine Waters and Small Business Committee Ranking Member Nydia Velázquez for their leadership and determination in making sure the House addressed this important issue during the 113th Congress.”