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Peter K.
Republican NY 2

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  • Terrorism Risk Insurance Program Reauthorization Act of 2015

    by Representative Peter T. King

    Posted on 2015-01-07

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    KING of New York. Mr. Speaker, I thank Chairman Neugebauer for yielding and for all his efforts on this. I also appreciate the fact that he said my efforts were tireless. Chairman Hensarling, at times, thought they were tiresome.

    I want to thank the chairman for putting a good spin on it, but very seriously, I want to thank him for his efforts. This is a bill where a number of us started off from different positions, from different perspectives. In true legislative form, we came together.

    This bill that we passed in December was a solid bill. Unfortunately, it was not taken up by the Senate, but it is essential that we pass it today because, as my good friend Mrs. Maloney said, this could have a devastating effect on the construction industry and on the American economy if it is not renewed as quickly as possible. This has to be reauthorized. It is absolutely essential.

    I want to thank Chairman Hensarling again for his efforts throughout this. Again, it has been a long process, but we stayed at it, and I thank him for that. Obviously, I thank Mrs. Maloney and the ranking member, Ms. Waters. Also, Mr. Capuano has been a fighter on this from the start. Again, we came together.

    This is a bill that, as I have said a number of times, was absolutely essential after September 11, when terrorism risk insurance could not be obtained. It even became more obvious as time went on how essential it was, how we desperately need it, and we have to preserve it.

    Also, not one Federal dollar has been expended on it; yet billions of dollars in revenue, construction projects, jobs, and expansion of the economy has resulted because of it.

    We are voting today, in a way, on a bill which, as Mrs. Maloney said, is going to go on for another 6 years. That gives it permanence and stability. It gives the construction industry, the real estate industry, and the people on the ground who want those construction jobs the ability to go forward. It lets municipalities know there is going to be construction going ahead in their jurisdictions. It is a plus- plus all the way.

    The changes that were made, the reforms that were made, I didn't believe they had to be done, but the fact is they are done, and they are not going to change the overall impact. They are not going to have any meaningful determinative effect whatsoever.

    Again, I am proud to support this bill in all its aspects. Mr. Scott from Georgia had a great concern about the insurers. I share that also. I think it is important that be in this bill. I know that was a bit of an obstacle in the Senate, but it shouldn't be. It had overwhelming support in the House. I know the great majority of the Members in the Senate support it.

    Now, we pass this on suspension today, sending a strong signal how we support this bill in its entirety. From my conversations--and I think Mrs. Maloney has had the same conversations--we feel confident that the Senate is going to pass it.

    When they do, it will be a victory for the American people, a victory for American business, a victory for American labor, and a victory for the American people to show that we have fought all the way back from the horrors of 9/11, and we are going to make sure that never again are we put in that position as far as the damage it can have on our economy.

    I would end this by saying that when we saw the attack in Paris today, we realized what can happen with a terrorist attack, how it can happen at any moment, and why it is essential this be reauthorized.

    Again, I thank the chairman for his efforts and patience over the last several years.

    Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, I do want to comment that it has been reported in the press that the Senate has announced they will bring up this bill next week, which is very, very important to move it forward.

    I yield 3 minutes to the gentleman from the great State of Massachusetts (Mr. Capuano), who has been a fighter, advocate, and an effective spokesperson.

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