{"database": "press", "table": "releases", "rows": [["https://www.smith.senate.gov/u-s-senator-tina-smiths-bipartisan-legislation-to-extend-terrorism-risk-insurance-support-housing-construction-passes-banking-committee/", "U.S. Senator Tina Smith\u2019s Bipartisan Legislation to\u00a0Extend\u00a0Terrorism Risk Insurance, Support Housing Construction\u00a0Passes Banking Committee", "2026-09-17", "2026", "2026-09", "Democrat", "Senate", "MN", "Tina Smith", "S001203", "www.smith.senate.gov", "tinasmith", "https://www.smith.senate.gov/press-releases/", "scraper", "Roughly 60 percent of American businesses have terrorism risk insurance, which is critical to major construction projects\n\nWASHINGTON, D.C. \u2013 U.S. Senator Tina Smith\u2019s bipartisan legislation to safeguard the availability of terrorism risk insurance coverage passed the Senate Banking Committee by a unanimous vote. Roughly 60 percent of American businesses have terrorism risk insurance, which could become unavailable without action by Congress. Sen. Smith (D-MN) leads the Terrorism Risk Insurance Program Reauthorization Act of 2026 alongside Senators Dave McCormick (R-PA), Ruben Gallego (D-AZ), and Thom Tillis (R-NC).\n\nFollowing the attacks on September 11, 2001, many insurance companies began excluding terrorism risks 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\u201cWithout this bill, a potential terrorism event would mean an even greater financial catastrophe for businesses and taxpayers. It\u2019s critical that we keep terrorism risk insurance available and affordable to businesses in Minnesota and across the country,\u201d said Senator Smith. \u201cI\u2019ve worked to preserve the Terrorism Risk Insurance Program measure throughout my time in the Senate. Extending this law will ensure housing development and major events can continue \u2013 lowering costs for Minnesotans and creating new jobs. I\u2019m heartened to see it pass with such strong bipartisan support and urge the full Senate to pass this bill.\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:\n\nThe American Property Casualty Insurance Association\n\nCouncil of Insurance Agents and Brokers\n\nIndependent Insurance\n\nAgents & Brokers of America\n\nNational Association of Mutual Insurance Companies\n\nReinsurance Association of America\n\nCoalition to Insure Against Terrorism\n\nNareit\n\nReal Estate Roundtable\n\nCommercial Real Estate Finance Council\n\n###", 1, "2026-09-18T09:27:43Z", "2026-09-18T09:29:09Z"]], "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.smith.senate.gov/u-s-senator-tina-smiths-bipartisan-legislation-to-extend-terrorism-risk-insurance-support-housing-construction-passes-banking-committee/"], "units": {}, "query_ms": 0.8164190221577883, "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"}