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GOP Lawmakers Urge Swift Long-term Extension of TRIA

A group of more than 40 Republican members of the House of Representatives is urging swift, long-term reauthorization of the Terrorism Risk Insurance Act, which is set to expire December 31...
December 3, 2014

A group of more than 40 Republican members of the House of Representatives is urging swift, long-term reauthorization of the Terrorism Risk Insurance Act (TRIA), which is set to expire December 31. The writers of a letter, led by Rep. Stephen Fincher (R-Tenn.), a former insurance agent, urge Speaker John Boehner and Majority Leader Kevin McCarthy to schedule action on a multi-year extension, and not consider a short-term extension of TRIA because it "would just prolong the problem."

Last June, the House Financial Services Committee approved H.R. 4871, the TRIA Reform Act of 2014, which provides for a five-year reauthorization, on a party-line vote. In July, the Senate approved a seven-year TRIA extension bill on a bipartisan vote of 93-4. There has been no legislative action since.

"The fact that TRIA has not yet been reauthorized is already hurting the economy," said the letter. "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. There is broad, bipartisan agreement that TRIA needs a multi-year renewal. It is time to get it done."

"We are encouraged by the efforts of Rep. Fincher and his colleagues to address this critical issue in the most expeditious manner," said PIA National Director of Federal Affairs Jon Gentile. PIA is continuing to advocate for as straightforward and long-term a reauthorization of TRIA as possible.

Letter to Speaker Boehner and Majority Leader McCarthy (December 1, 2014)

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