|Targeted News Service|
"After years of working in counterterrorism, I fully recognize not only the risk of a terrorist attack, but the significant economic impact it could have on communities across the country. TRIA is critical as we continue to combat terror around the world, ensuring that victims can focus on what really matters--caring for those impacted and rebuilding their lives--instead of worrying about how to cover the costs of damage. I am proud to join with this bipartisan group to introduce the TRIA Reauthorization Act and ensure there is no lapse in coverage for communities, businesses or families that could be hurt by an act of terrorism," said Rep. Carson.
"TRIA is essential to stabilizing the market for terrorism risk insurance and has provided certainty for
"Through TRIA, the federal government has demonstrated it can play a positive role in spurring necessary, private market insurance. I am a cosponsor of this legislation because I believe these kinds of backstops are one of the best ways to protect the taxpayer from bailouts and encourage communities at risk to take steps needed to protect against future insurance claims," said Rep. Ross.
"I am proud to be an original cosponsor of the Terrorism Risk Insurance Act to provide a system of shared public and private compensation for insured losses resulting from acts of terrorism. This legislation is critically important to ensure that construction projects, lending, and other activities vital to our continuing recovery will not be jeopardized," said Rep. Bishop.
"At almost no cost to the taxpayer, the national terrorism insurance program has made it possible for more than a decade for businesses to purchase terrorism risk coverage. Having a federal terrorism insurance public/private risk sharing partnership in place in advance ...allows for the timely and orderly payout of claims to the victims of terrorism after an attack, thereby reducing or eliminating ultimate taxpayer exposure and minimizing the economic fallout from the next terrorist attack.