releases: http://maloney.house.gov//media-center/press-releases/maloney-helps-secure-terrorism-risk-insurance-act-extension
Data license: MIT · Data source: dwillis/congress-press
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| http://maloney.house.gov//media-center/press-releases/maloney-helps-secure-terrorism-risk-insurance-act-extension | Maloney helps secure Terrorism Risk Insurance Act extension | 2014-12-10 | 2014 | 2014-12 | Democrat | House | NY | Carolyn Maloney | M000087 | maloney.house.gov | legacy | WASHINGTON – After months of debate and negotiation, the House of Representatives today passed a bill to extend the Terrorism Risk Insurance Act for an additional six years by a vote of 417-7. Congresswoman Carolyn B. Maloney (D-NY), the lead Democratic author on legislation to extend the law, and a key participant in the negotiation of the final bill, hailed the legislation as essential to New York’s economy. “After September 11, it was impossible for businesses to buy the terrorism insurance they needed to move forward with major construction projects,” said Maloney. “Development came to a halt, money for new projects dried up and our economy suffered a devastating blow. Nowhere was that more true than in New York. The Terrorism Risk Insurance Act was the solution, and it remains the solution. By providing a government backstop, it ensures that terrorism insurance is available and affordable, and the program works at no cost to taxpayers. After months of negotiations, I am so pleased we were able to pass this essential legislation.” Maloney, a senior Democratic member of the House Financial Services Committee, was the lead Democratic cosponsor of the TRIA Reauthorization Act of 2013, which would have extended the program without any changes. Similar legislation proposed by Senator Charles E. Schumer (D-NY) passed the Senate in October by a resounding vote of 93-4. The Senate bill raises the share of losses that insurers have to pay in the event of a terrorist attack, increasing the industry’s “co-share” under TRIA from 15 percent to 20 percent. Republican leaders proposed several changes to the program, which would have made terrorism insurance unaffordable and less available. The changes included increasing the program’s trigger, or the point at which the government steps in to help cover losses in the event of an attack, by 500 percent. Republicans leaders also proposed bifurcating the program by providing less insurance for conventional terrorist attacks than for nuclear, chemical, biological, or radiological attacks (NBCR). The final deal, which passed the House today increased the program trigger from $100 million to $200 million and discarded the bifurcation provisions. Democrats, including Maloney, opposed the inclusion of a small tweak to the Dodd-Frank Wall Street reform law, which she had argued should be passed as a standalone measure. The original TRIA program was created by Congress in 2002, extended for two additional years in 2005, and for seven additional years in 2007. TRIA has operated at no cost to taxpayers. RAND Corp. found that eliminating the program could increase federal spending by as much as $7 billion in the event of a major attack. Even in a worst-case scenario, the total exposure to taxpayers is predictable and limited, and any federal funds spent would ultimately be recouped. | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |