CONGRESSWOMAN NIKEMA WILLIAMS AT FSC HEARING ON THE REAUTHORIZATION OF THE TERRORISM RISK INSURANCE ACT OF 2002

States News Service

The following information was released by the office of Georgia Rep. Nikema Williams:

Today, Congresswoman Nikema Williams (GA-05) joined the Financial Services Committee Housing and Insurance Subcommittee Meeting to ask witnesses and speak on the Reauthorization of the Terrorism Risk Insurance Act of 2002 (TRIA):

Congresswoman Nikema Williams (GA-05):

"I represent Georgia's Fifth Congressional District, a region with a very vibrant business community and that is centered in Atlanta, where we have a lot of large-scale national security events.

And while we can't predict where and when a terrorist attack could happen on our American soil, we know that sometimes big events are a draw. So, that brings a lot of things to mind for me.

The City of Atlanta is preparing to host the World Cup next year, and it's a stark reminder of what happened almost 30 years ago when the Centennial Olympic Park bombing happened during the 1996 Olympics. Now, this was pre-TRIA being implemented, so that wasn't something the businesses and the community of Atlanta had access to, which is why this is so important to me.

Terrorism Risk Insurance, or TRIA, is such an important program, and, quite frankly, a program that no matter what side of the aisle you're on, as you've heard today, we all agree that this is a program that should exist, and this coverage is very important.

Mrs. Heck, given that TRIA has been extended four times since its inception, what are the benefits of having a longer reauthorization, say ten years or more, so that our communities can have the stability and consistency for their economic development? I'm thinking down the road of big events that we're already planning for in Atlanta, and just everything that we're hearing in this day and age, giving peace of mind to our communities."

Mrs. Elizabeth Heck:

"So, first of all, again, the program has proven that it works. It's been 24 years and the market has really stabilized by the program. So, the longer that we can extend it, the more stability we will introduce into the market."