GARBARINO, FLOOD SECURE HOUSE PASSAGE OF BIPARTISAN TRIA REAUTHORIZATION ACT

The following information was released by the office of New York Rep. Andrew Garbarino:

This week, the U.S. House of Representatives passed the bipartisanTRIA Program Reauthorization Act, legislation introduced by Congressman Mike Flood (R-NE) and co-led by Congressman Andrew Garbarino (R-NY), to extend the Terrorism Risk Insurance Program (TRIA) through 2034.

Created in the aftermath of the September 11, 2001, terrorist attacks, TRIA provides a federal backstop that helps ensure terrorism insurance remains available and affordable for businesses across the country. For New York, where the impact of 9/11 continues to be felt nearly 25 years later, the program has played a critical role in supporting economic stability and ensuring businesses can rebuild following an act of terrorism.

"As a lifelong New Yorker, I know the lasting impact the September 11th terrorist attacks have had on our communities, our economy, and our country," said Congressman Garbarino."Nearly 25 years later, we cannot lose sight of the lessons we learned that day. TRIA has helped ensure businesses have the certainty they need while strengthening our nation's resilience against future acts of terrorism. I was proud to help lead this bipartisan legislation through the House, and I urge the Senate to act quickly."

"Reauthorizing TRIA is one of the must-pass measures of this Congress,"said Congressman Flood."Created in the aftermath of the September 11, 2001, terrorist attacks, this program has provided a vital guarantee of stability in the insurance market. While the program has fortunately never had to pay a claim, extending it provides businesses nationwide with certainty and stability. I am pleased to see this bipartisan effort pass the House of Representatives and look forward to the Senate taking up this measure quickly."

The TRIA Program Reauthorization Act extends the Terrorism Risk Insurance Program through 2034 and includes targeted updates to strengthen the program, including adjusting the damages threshold to account for inflation and clarifying the timeline for the Department of the Treasury to certify an act of terrorism.