releases: http://maloney.house.gov//media-center/press-releases/maloney-says-tria-should-be-first-order-of-business-for-114th-congress

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url title date year month party chamber state member_name bioguide_id domain scraper source date_source text has_text collected_at updated_at
http://maloney.house.gov//media-center/press-releases/maloney-says-tria-should-be-first-order-of-business-for-114th-congress Maloney says TRIA should be first order of business for 114th Congress 2014-12-23 2014 2014-12 Democrat House NY Carolyn Maloney M000087 maloney.house.gov     legacy NEW YORK – Congresswoman Carolyn B. Maloney (D-NY) today called on House leaders to make renewing the Terrorism Risk Insurance Act the first order of business for the 114th Congress. The program promotes economic development by making terrorism insurance available and affordable, but Congress allowed the program to lapse by failing to pass a reauthorization bill before adjourning on December 16. In her letter to House Speaker John Boehner and Democratic Leader Nancy Pelosi, Maloney cited the economic risks to urban areas such as New York City, noting that the failure to extend the program will “cause construction projects across the country to grind to a halt, putting thousands of jobs at risk.” Maloney, a senior Democratic member of the House Financial Services Committee, was the lead Democratic cosponsor of the TRIA Reauthorization Act of 2013. 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. The full text of Maloney’s letter follows: December 22, 2014 The Honorable John Boehner                                        The Honorable Nancy Pelosi Speaker of the House of Representatives                      House Democratic Leader H-232, United States Capitol                                        H-204, United States Capitol Washington, DC 20515                                                 Washington, DC 20515 Dear Speaker Boehner and Leader Pelosi: I write to urge you to make the reauthorization of the Terrorism Risk Insurance Act (TRIA) the first order of business when the new Congress convenes on January 6, 2015. As you know, the House and the Senate successfully negotiated a long-term reauthorization of TRIA that will ensure that terrorism risk insurance remains widely available and affordable, while also increasing taxpayer protections. Unfortunately, despite bipartisan, bicameral support for this compromise, a single Senator placed a hold on the bill due to concerns about provisions that were unrelated to TRIA, and Congress adjourned for the year without reauthorizing this vital program. As a result, TRIA will expire on January 1, 2015. Because most insurers will not provide terrorism insurance without the government backstop that TRIA provides, many property owners will automatically lose their terrorism insurance on January 1st. This will cause construction projects across the country to grind to a halt, putting thousands of jobs at risk. Moreover, as banks typically require borrowers to maintain “all risk” insurance policies when they finance a construction project, many property owners and other policyholders will thus default on their loans, causing untold — and completely unnecessary — damage to the credit markets. Unless Congress moves quickly to reauthorize TRIA, the damage to our economy will be severe and irreparable. In order to prevent this unnecessary economic damage, I urge you to bring the compromise legislation reauthorizing TRIA to the House floor immediately when the new Congress convenes in January.                                                                   Sincerely,   _______________________________ Carolyn B. Maloney Ranking Member Subcommittee on Capital Markets and Government Sponsored Enterprises 1 2026-03-30T12:14:52Z 2026-03-30T12:14:52Z