Crowley Statement on Senate Passage of Terrorism Risk Insurance Act Reauthorization
Bill Moves to President’s Desk for Signature
(Washington, D.C.) –Today, Rep. Joe Crowley (D-Queens, the Bronx), Vice Chair of the Democratic Caucus, issued the following statement after the Senate 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. Yesterday, the House passed TRIA reauthorization and with today’s Senate action, the bill now moves to the President’s desk.
“As a result of today’s Senate action, we are now one step closer to reauthorizing Terrorism Risk Insurance and giving businesses and industry the confidence to grow, invest, and hire. While we should never have been in a position of allowing this vital economic backstop to expire in the first place, I’m pleased both sides of the aisle, in both chambers of Congress, have come together to make reauthorization of TRIA a priority in this new session of Congress.
“This victory could not have been achieved without the tireless efforts of advocates, including many of those working in the construction industry, as well as Senator Schumer, who led the charge in the U.S. Senate.”
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.