Crowley Statement on House Passage of Terrorism Risk Insurance Act Renewal

January 7, 2015
Press Release

(Washington, D.C.) –Today, Rep. Joe Crowley (D-Queens, the Bronx), Vice Chair of the Democratic Caucus, issued the following statement after the House passed legislation reauthorizing the Terrorism Risk Insurance Act (TRIA), a law that provides economic protections to both employers and employees working in areas of high risk of a terrorist attack. While the Senate passed a bill reauthorizing TRIA in July 2014, House Republicans did not act until December – just days before the 113th Congress was to adjourn and the law was set to expire. Ultimately, Senate Republicans blocked the House legislation in the final hours of the Congressional session and TRIA expired December 31.

“Terrorism Risk Insurance gives businesses and industry the confidence to build, invest, and create good-paying jobs in New York City and across the country. Last Congress, House Republicans played a dangerous game with waiting until the 11th hour to pass legislation reauthorizing TRIA – a game that resulted in Congress adjourning and allowing this critical bill to expire. Today, the House took the first step in reviving this vital economic backstop and I strongly urge the Senate to act quickly and renew TRIA.”

In the aftermath of the September 11th terrorist attacks, Congress enacted TRIA to ensure commercial terrorism insurance was both available and affordable. Enactment of the law helped to foster and ensure continued real estate and economic development in the United States, particularly in Lower Manhattan as New York City rebuilt from the attacks. In the 14 months after September 11, 2001 and before enactment of TRIA on November 26, 2002, $15 billion in real estate-related transactions were delayed or cancelled, and over 300,000 American jobs were lost. TRIA helped stabilize our economy by providing economic certainty without costs to taxpayers over the past 12 years. It has been reauthorized by widespread bipartisan agreement twice since its enactment.

Congressman Crowley is the nine-term representative from the 14th Congressional District of New York, which includes sections of Queens and the Bronx. He is a member of the powerful Ways and Means Committee and serves as Vice Chair of the Democratic Caucus in the House of Representatives.