WASHINGTON, DC — Coalition to Insure Against Terrorism (CIAT) spokesman Marty DePoy released the following statement urging the Senate to move quickly and approve the House-passed proposal to reauthorize the Terrorism Risk Insurance Act (TRIA):
“It’s time to face facts: a critical law responsible for protecting our economy in the event of a catastrophic terrorist attack will expire in 15 days if the Senate does not take immediate action. Businesses large and small – from sports leagues and hotel chains to smaller tourist shops and restaurants – rely on TRIA for the security they need to expand and hire new employees. The debate has gone on long enough. The Senate must renew TRIA now, before time runs out.”
The Coalition also sent a letter to the Senate this week reiterating its support for the House-passed TRIA reauthorization bill (S. 2244). In the letter, CIAT states:
The TRIA provisions of S. 2244 are the product of genuine bipartisan and bicameral negotiations… We strongly urge you to support S. 2244, without amendments, so that this critical program remains in effect to protect our economy….This simply cannot wait until next year.
America needs a stable, reliable terrorism insurance market so employers can invest in assets and create jobs without assuming the risk and liabilities of a terrorist attack. Enacting legislation this year to extend this essential program is vital to preserve market stability.
To read the full letter, click here.