Rep. Perlmutter Helps Lead Conversation About National Security, Terrorism Risk Insurance Act

KANSAS CITY, Colorado, May 31 -- Rep. Ed Perlmutter, D-Colorado, issued the following news release:

U.S. Rep. Ed Perlmutter (CO-07) participated in a joint roundtable discussion on the Terrorism Risk Insurance Act (TRIA), led by Congressman Emanuel Cleaver, II (D-MO) and with Reps. Lacy Clay (D-MO), Al Green (D-TX), and local stakeholders. TRIA was passed into law following the September 11 attacks, which caused more than $40 billion in today's dollars in estimated insured losses. The law created the Terrorism Risk Insurance Program which is set to expire on December 31, 2020 unless Congress reauthorizes the program. Today's discussion revolved around reaffirming the definition of terrorism, addressing national security implications of TRIA, and evaluating the financial impact of a terror attack on different sectors of the U.S. economy.

"I'm very thankful to Congressmen Clay, Perlmutter, and Green for taking the time to come to Kansas City to discuss such a pivotal piece of legislation," said Congressman Cleaver. "As a Congress, we have a duty on behalf of American consumers and businesses to come together and reauthorize a program that is vital to the health and stability of our economy. As it stands, I believe we had a fruitful and comprehensive discussion that we'll carry back with us to Washington to begin the process of reauthorization."

"I appreciate Congressman Cleaver hosting this important discussion on reauthorizing the Terrorism Risk Insurance Act. This program is important to our nation's continued economic growth and national security, and I look forward to working with my colleagues to ensure its reauthorization," said Congressman Perlmutter.

Following the attacks of September 11, insurers and reinsurers pulled back from offering terrorism coverage. Some observers feared that a lack of insurance against terrorism loss would have a wide-ranging economic impact, particularly because insurance coverage can be a significant factor in lending decisions. Congress responded to the disruption in the insurance market by passing the Terrorism Risk Insurance Act of 2002. Congress has passed three extensions to the TRIA program, in 2005, in 2007, and in 2015. The most recent reauthorization extended the program nearly six years, until the end of 2020, while reducing the government's share of the losses compared with the program as it was in 2014.

TRIA falls within the jurisdiction of the Subcommittee on Housing, Community Development, and Insurance, and is related to issues covered by the Subcommittee on International Development, National Security, and Monetary Policy, of which Clay Chairs the former and Cleaver Chairs the latter.