Policy Issues

The Real Estate Roundtable Supports the Terrorism Risk Insurance Program Reauthorization Act of 2019 (S. 2877)

November 19, 2019

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The Real Estate Roundtable is pleased to support the Terrorism Risk Insurance Program Reauthorization Act of 2019 (S. 2877) and urges all members of the Banking Committee to vote in favor of this important legislation.

Since the savage attacks of 9/11, the threat of terrorism remains a clear and present danger as are the economic risks associated with this peril. At virtually no cost to the taxpayer, TRIA has allowed our economy to move forward in the face of ongoing terrorist threats.

Without TRIA, there is not sufficient insurance and reinsurance capital available to provide comprehensive terrorism coverage to U.S. insurance buyers.

We thank the Chairman and Ranking Member as well as Senators Thom Tillis and Tina Smith, and the twelve other original cosponsors, for their leadership in introducing this important bipartisan legislation. A similar measure – H.R. 4634 – received the unanimous support of the Financial Services Committee on a 57-0 vote and passed the House on Monday by a vote of 385-22.

S. 2877 provides a seven-year “clean” reauthorization of TRIA, and requires an examination of the evolving risk of cyber terrorism, as well as the impact of the program on places of worship. This legislation recognizes the critical importance of ensuring that the TRIA backstop remains in place, while keeping an eye on evolving risks and potential market impacts.