Statement of Senator Clinton on Senate Banking Committee Passage of the Terrorism Risk Insurance Act

[The Straight Story]

Statement of Senator Hillary Rodham Clinton on Senate Banking Committee Passage of the Terrorism Risk Insurance Act

“In the days that followed the attacks of September 11th, in addition to the terrible human suffering and the massive loss of life, nearly every sector of our economy faced extreme uncertainty.

In response, Congress had the wisdom to pass the Terrorism Risk Insurance Act which provided a federal backstop to enable insurance coverage against terrorist attacks which the private insurance market could not provide. That legislation was vital to the recovery and rebuilding efforts in Lower Manhattan and in the five years since it was enacted, TRIA has given assurances to investors, to builders and to workers that whatever emergencies we face, we will have the means and the will to rebuild, repair and reinvest so that acts of terrorism cannot disrupt the long term strength of our economy.

TRIA has been a success, and I am pleased that the Senate Banking Committee has taken action to extend it beyond its expiration at the end of this year. There is no question that it has helped to make terrorism insurance available in most parts of the country. To be clear, TRIA is not just about New York but it’s an issue of national economic security.

While I certainly would have preferred a longer term extension of the TRIA and improvements still need to be made to the bill to address the unique insurance coverage issues in New York City, I believe that this bill is an overwhelmingly positive step and I am hopeful that Congress sends a final bill to the President’s desk quickly.”

http://clinton.senate.gov/news/statements/details.cfm?id=285592&&