Terrorism Risk Insurance Program Reauthorization Act of 2015by Representative Marlin A. Stutzman
Posted on 2015-01-07
STUTZMAN. Mr. Speaker, I rise today in support of the Terrorism
Risk Program Reauthorization Act of 2015.
Mr. Speaker, as we have all recently seen, terrorism and violence continues to be a threat not only to our friends on the other side of the globe, but also to our homeland. The rise of ISIS has demonstrated that the American people and our interests are constant targets.
Because these dangers continue to grow, it is our job to make sure we are taking the necessary steps to protect ourselves. The terror attacks on September 11, 2001, not only brought a devastating loss of innocent human life, they also wreaked havoc on our economy, costing insurers tens of billions of dollars, taking years to recover.
We have to take the necessary steps to protect and prevent any physical harm to America and make sure we are doing what we can to protect our economic interests. That is what today's legislation is all about.
When first passed in 2002, TRIA provided much-needed stability to ease any economic pain of another attack. Today's reauthorization will continue to provide a necessary backstop and the financial security that will allow major commercial and real estate projects so vital to the economy to move forward.
Reauthorizing this legislation is an opportunity for both parties to stand together in a bipartisan fashion and strengthen our national security.
I would like to thank Chairman Hensarling, Representative Neugebauer, and the rest of the members of the Financial Services Committee for their hard work on this issue. It has taken time to get to this point, but I believe this is a good way for us to start this Congress, working together to pass a bill that is in the best interest of our national security.
Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, I yield 3 minutes to the gentleman from the great State of Maryland (Mr. Hoyer), the distinguished minority leader.