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Widespread Senate Support for TRIA Renewal During Hearing

On February 25, the Senate Banking, Housing, and Urban Affairs Committee held a hearing on reauthorization of the Terrorism Risk Insurance Act, which is set to expire on December 31, 2014...
March 6, 2014

On February 25, the Senate Banking, Housing, and Urban Affairs Committee held a hearing on reauthorization of the Terrorism Risk Insurance Act (TRIA), which is set to expire on December 31, 2014. TRIA initially became law in 2002 and was last reauthorized in 2007. During the hearing, all but one Senator expressed their full support for the program and an extension. The Senators questioned the panel on the negative consequences of letting the program lapse, not moving quickly enough, the effect of raising the trigger, the viability of a private market, issues with workers compensation and the role of cyber terrorism within the program.

It is important to note that the panel was in agreement that the program should be permanent or at the very least, a minimum 10-year extension should be the target. They were also consistent in their testimony that a private/public partnership is critical and if the program is not reauthorized it would have dire consequences on infrastructure projects and the economy. Near the end of the hearing the committee leadership mentioned that it should be releasing their language for the new bill soon. It is critical that Congress extend TRIA before its current expiration of December 31, 2014. PIA supports an extension well before this date to provide stability to consumers and the market.

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