{"database": "press", "table": "releases", "rows": [["https://www.mccormick.senate.gov/news/press-releases/senators-mccormick-smith-tillis-and-gallego-introduce-bipartisan-legislation-to-extend-the-terrorism-risk-insurance-program-for-seven-years-2/", "SENATORS MCCORMICK, SMITH, TILLIS, AND GALLEGO INTRODUCE BIPARTISAN LEGISLATION TO EXTEND THE TERRORISM RISK INSURANCE PROGRAM FOR SEVEN YEARS", "2026-04-27", "2026", "2026-04", "Republican", "Senate", "PA", "David McCormick", "M001243", "www.mccormick.senate.gov", "davemccormick", "https://www.mccormick.senate.gov/newsroom/press-releases/", "scraper", "WASHINGTON \u2013 U.S. Senators Dave McCormick (R-PA), Tina Smith (D-MN), Thom Tillis (R-NC), and Ruben Gallego (D-AZ) today introduced the bipartisan Terrorism Risk Insurance Program Reauthorization Act of 2026, which is essential to economic security by safeguarding the availability of terrorism risk coverage.\n\nThis legislation is also cosponsored by Chairman Scott (R-SC), Senators Banks (R-IN), Britt (R-AL), Crapo (R-ID), Hagerty (R-TN), Kennedy (R-LA), Lummis (R-WY), Moreno (R-OH), Ricketts (R-NE), Rounds (R-SD), Kim (D-NJ), Van Hollen (D-MD), Cortez Masto (D-NV), Cramer (R-ND), Alsobrooks (D-MD), Schumer (D-NY), Warner (D-VA), Warnock (D-GA), and Blunt-Rochester (D-DE).\n\nFollowing the attacks on September 11, 2001, most states began allowing terrorism risk to be excluded from commercial insurance policies, leaving businesses and industries without access to coverage. Since insurance is a precondition for commercial lending and real estate transactions, this gap in coverage threatened broad economic damage across real estate, construction, energy, transportation, and related industries. Congress responded by passing the Terrorism Risk Insurance Act of 2002 (TRIA), creating a federal reinsurance backstop to stabilize the private market and ensure that commercial policyholders could continue to obtain terrorism risk coverage.\n\nThe private insurance market has relied on the TRIA backstop ever since. When TRIA briefly lapsed in December 2014, terrorism exclusions that insurers had pre-filed with state regulators took effect automatically, making terrorism coverage effectively unavailable across commercial policies nationwide. As a result, terrorism risk coverage was removed from policyholders immediately and without notice. Given that the current threat landscape remains elevated, allowing a similar lapse in terrorism coverage would expose policy holders to unnecessary financial risk and uncertainty.\n\n\u201cState sponsors of terror pose a persistent threat to the United States, and we must be prepared,\u201d said Senator McCormick. \u201cReauthorizing TRIA ensures businesses and workers in Pennsylvania will be supported in the event of a terror attack.\u201d\n\n\u201cThe Terrorism Risk Insurance Program is critical to keeping insurance available and affordable to businesses in Minnesota and across the country so they can grow and create jobs,\u201d said Senator Smith. \u201cWithout this bill, a potential terrorism event would mean a financial catastrophe for many businesses and would be extremely costly to taxpayers. I\u2019ve worked to make sure this bipartisan measure stays in place since I came to the Senate, and I\u2019m glad to be introducing my TRIA bill again to ensure this vital program doesn\u2019t lapse.\u201d\n\n\u201cAmericans deserve the peace of mind that comes from knowing their businesses, jobs, and communities are protected in times of crisis. Reauthorizing TRIA will provide certainty for employers, support economic growth, and help keep coverage available and affordable. I\u2019m proud to join Senator McCormick on this common-sense, bipartisan legislation,\u201d said Chairman Scott.\n\n\u201cWe have to make sure we\u2019re prepared for the worst,\u201dsaid Senator Gallego. \u201cI\u2019m proud to co-lead the bipartisan reauthorization of the Terrorism Risk Insurance Act. This long-term reauthorization will ensure Arizona businesses can invest in their assets and create jobs with confidence and that they have the resources they need to recover in the event of a major terrorist attack.\u201d\n\n\u201cReauthorizing the Terrorism Risk Insurance Program is essential to ensuring businesses have the certainty they need to operate and invest with confidence,\u201dsaid Senator Tillis.\u201cThis longstanding public-private partnership has helped safeguard our economy for more than two decades, and extending it will prevent disruption while ensuring we remain prepared for evolving threats.\u201d\u201cIn this dangerous moment when America faces growing threats from around the world, our communities need to know that their property is insured in the event of a major terror attack. Renewing TRIA with bipartisan support is an essential precautionary step we must take to ensure Americans have access to insurance and avoid economic peril by allowing them to recover and rebuild in the wake of an unimaginable tragedy,\u201d said Senator Van Hollen.\n\n\u201cFor more than two decades, Congress has recognized the need for the Terrorism Risk Insurance Program. While making sure American businesses have access to this protection is an unfortunate necessity in today\u2019s world, it\u2019s critical that Congress extend the program,\u201dsaid Senator Britt.\n\n\u201cFrom the Super Bowl to the World Series of Poker to F1 races, the Silver State regularly hosts large gatherings,\u201d said Senator Cortez Masto. \u201cWhile these events are critically important to Nevada\u2019s tourism industry, they also create unique risks. Extending the Terrorism Risk Insurance program would help Nevada\u2019s economy recover should a debilitating terrorist attack occur and ensures the continued availability of terrorism insurance for our businesses.\u201d\n\n\u201cLack of insurance coverage had a destabilizing effect on the U.S. economy in the wake of the September 11, 2001, terrorist attacks. TRIA has made coverage for terrorism risk insurance more available and affordable in Idaho and across the nation. This reauthorization ensures continued private-sector responsibility and safeguards our economy against potential future threats,\u201d said Senator Crapo.\n\n\u201cIt is critical for the national and financial security of our nation that Congress pass the Terrorism Risk Insurance Act of 2026 \u2013 let\u2019s act before this policy lapses to provide certainty for businesses,\u201d said Senator Alsobrooks.\n\n\u201cIn the wake of the September 11th attacks, Congress created the Terrorism Risk Insurance Program to support Americans during crises. As America continues to deal with heightened terrorism threats, this program remains as relevant as ever. I\u2019m proud to join my colleagues in introducing a bill to get ahead of the Terrorism Risk Insurance Act\u2019s expiration date, pass an extension and prevent any lapse in coverage,\u201d said Sen. John Kennedy.\n\n\u201cCongress cannot let local communities foot the bill for possible terrorist attacks,\u201d said Senator Moreno. \u201cIt is critical that we protect American jobs and ensure that businesses across the country have the tools they need to respond to and recover from these catastrophic events.\u201d\n\n\u201cAfter the horrendous September 11th attacks, we learned that failing to insure against losses from terrorism doesn\u2019t just threaten individual businesses, it also undermines our entire economy. I am proud to have helped pass the original Terrorism Risk Insurance Act, which has been critical to safeguarding our real estate, construction, energy, transportation, and other vital industries against losses due to terrorist attacks,\u201d said Leader Schumer. \u201cReauthorizing this program for seven years is common sense to provide certainty, stability, and protection for jobs, businesses, and our economy in the face of evolving threats.\u201d\n\n\u201cThe Terrorism Risk Insurance Act will provide certainty for insurers, businesses, and large community events that bring Nebraskans together,\u201d said Senator Ricketts. \u201cWe must reauthorize this program and ensure we are protected and prepared for any potential future threat. I encourage my colleagues to quickly send TRIA Reauthorization to the President\u2019s desk.\u201d\n\n\u201cThe threat of terror attacks doesn\u2019t just impact lives, it impacts livelihoods. New Jerseyans saw that in the aftermath of 9/11, and we know that in the same way it\u2019s important to invest in efforts to protect our country, it\u2019s important that we reauthorize the Terrorism Risk Insurance Program,\u201d said Senator Kim.\n\n\u201cThe September 11th attacks highlighted a severe gap in coverage for businesses caught in the aftereffects of terrorist activity,\u201d said Senator Cramer. \u201cThe Terrorism Risk Insurance Program is essential to maintain stability when malign disruptions occur. This reauthorization extends the program for another seven years, preventing any lapse in coverage.\u201d\n\n\u201cWe know what happens when terrorism risk goes uninsured \u2013 the market freezes, projects stall, and the ripple effects hit workers and communities across the country,\u201dsaid Senator Warner. \u201cTRIA makes sure that businesses can continue building, investing, and creating jobs. It\u2019s an important public-private partnership that gives lenders and developers the certainty they need to keep capital flowing and investments moving. Congress should get this done and provide the stability that the market depends on to move forward.\u201d \u201cIf tragedy strikes, our communities cannot afford economic disruption on top of it. TRIA must be extended to ensure businesses can access affordable terrorism insurance and keep our economy resilient in the face of evolving threats,\u201dsaid Senator Blunt-Rochester.\n\n\u201cThe Terrorism Risk Insurance Program has been a critical backstop for American businesses and communities since the devastating economic fallout of September 11th, and Congress cannot allow that protection to lapse,\u201d said Senator Lummis. \u201cWyoming deserves the certainty this program provides, and I am proud to join my colleagues in reauthorizing TRIA to keep our businesses, our economy, and our communities protected against any threat.\u201d\n\nThe Terrorism Risk Insurance Program Reauthorization Act of 2026 would extend TRIA by seven years. Acting before the program expiration date of December 31, 2027, provides long-term market certainty and would prevent policyholders from facing a gap in coverage.\n\nThe Terrorism Risk Insurance Act is also backed by the following stakeholders:\n\nAerospace Industries Association\n\nAmerican Association of Port Authorities\n\nAmerican Bankers Association\n\nAmerican Council on Education\n\nAmerican Council of Engineering Companies\n\nAmerican Gaming Association\n\nAmerican Hotel and Lodging Association\n\nAmerican Land Title Association\n\nAmerican Property Casualty Insurance Association\n\nAmerican Public Gas Association\n\nAmerican Public Power Association\n\nAmerican Resort Development Association\n\nAmerican Society of Association Executives\n\nAssociated General Contractors of America\n\nAssociation of American Railroads\n\nAssociation of Art Museum Directors\n\nBank Policy Institute, Building Owners and Managers Association International\n\nCommercial Real Estate Finance Council (CRE Finance Council), Community Associations Institute\n\nCouncil of Insurance Agents and Brokers, Edison Electric Institute, Food Marketing Institute\n\nIndependent Insurance Agents & Brokers of America\n\nInnovating Commerce Serving Communities, Institute of Real Estate Management\n\nInternational Franchise Association, International Safety Equipment Association\n\nLong Island Import Export Association\n\nMortgage Bankers Association, NAIOP\n\nNareit\n\nNational Apartment Association\n\nNational Association for Stock Car Auto Racing (NASCAR)\n\nNational Association of Chain Drug Stores\n\nNational Association of College and University Business Officers (NACUBO)\n\nNational Association of Home Builders\n\nNational Association of Mutual Insurance Companies\n\nNational Association of REALTORS\n\nNational Association of Waterfront Employers\n\nNational Council of Chain Restaurants\n\nNational Electrical Contractors Association\n\nNational Football League\n\nNational Hockey League\n\nNational Multifamily Housing Council\n\nNational Restaurant Association\n\nNational Retail Federation\n\nNational Roofing Contractors Association\n\nNational Rural Electric Cooperative Association\n\nNew England Council\n\nOffice of the Commissioner of Baseball\n\nPartnership for NYC\n\nPublic Utilities Risk Management Association\n\nThe Real Estate Board of New York\n\nThe Real Estate Roundtable\n\nReinsurance Association of America\n\nTaxicab, Limousine & Paratransit Association\n\nUniversity Risk Management and Insurance Association\n\nU.S. Chamber of Commerce\n\nU.S. Travel Association", 1, "2026-05-01T06:06:26Z", "2026-05-01T06:08:22Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://www.mccormick.senate.gov/news/press-releases/senators-mccormick-smith-tillis-and-gallego-introduce-bipartisan-legislation-to-extend-the-terrorism-risk-insurance-program-for-seven-years-2/"], "units": {}, "query_ms": 1.5389989130198956, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}