releases: http://hultgren.house.gov//newsroom/press-releases/hultgren-praises-overwhelmingly-bipartisan-passage-of-terrorism-insurance
Data license: MIT · Data source: dwillis/congress-press
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| http://hultgren.house.gov//newsroom/press-releases/hultgren-praises-overwhelmingly-bipartisan-passage-of-terrorism-insurance | Hultgren Praises Overwhelmingly Bipartisan Passage of Terrorism Insurance Reauthorization | 2014-12-10 | 2014 | 2014-12 | Republican | House | IL | Randy Hultgren | H001059 | hultgren.house.gov | legacy | Washington, DC — U.S. Representative Randy Hultgren (IL-14) today praised House passage (417-7) of S. 2244, the Terrorism Risk Insurance Act (TRIA), a bill which reauthorizes this key program for six years. Previously, Rep. Hultgren gave a keynote speech at National Journal’s “TRIA Triage” regional policy summit, held at Soldier Field in Chicago, and supported reauthorization in a New York Post op-ed. Rep. Hultgren spoke on the House floor today in favor of the bill’s passage. (Click picture to watch video) Following are Rep. Hultgren’s prepared remarks: Mr. Speaker, I rise to support the TRIA Amendment to Senate Bill 2244 and overall reauthorization, and I’d like to commend Chairman Hensarling and his staff for their hard work throughout this process. TRIA’s reauthorization is not a Wall Street or a big business issue, it’s a conservative issue, and Illinois and American jobs and prosperity are at stake. If TRIA is not authorized, Illinois’ small insurers may be subject to costly ratings downgrades, or have to exit certain insurance markets altogether—leaving customers in the lurch. In the event of an attack, potential targets like Soldier Field or Chicago skyscrapers would be left without protection from massive economic losses. TRIA protects the taxpayers because it sets the terms of how our country will cover losses before, instead of after, a terrorist attack. The Rand Institute has estimated that it protects our taxpayers by as much as $7 billion. TRIA also ensures the continued viability of long-term construction projects. One estimate found that for the first 14 months after the 9/11 attacks, “$15.5 billion of real estate projects in 17 states were stalled or cancelled because of a continuing scarcity of terrorism insurance.” So, this backstop either costs very little if it’s never used, or it saves taxpayers money if it is. Each program deserves continuous oversight and periodic review, and TRIA is no different. I commend Chairman Hensarling for his commitment to examine the program. I believe that this reauthorization contains conservative reforms that protect the taxpayer from excessive loss, and still ensures a functioning terrorism insurance market that doesn’t punish businesses—such as Illinois’ small insurers—for offering this much-needed terrorism insurance. The end-user provision passed the Financial Services Committee with unanimous support, and sailed through the House with 411 votes. Congress should come together to support reasonable, bipartisan reforms that provide much-needed relief for Main Street America. ### | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |