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WASHINGTON, DC – House Democratic Whip Steny H. Hoyer (MD) released the following statement in support of S.467, the Terrorism Risk Insurance Act of 2005, which passed the House today:
“Democrats have strongly supported the extension of the Terrorism Risk Insurance program (TRIA) and I am pleased that the Republican majority has finally decided to advance a bipartisan product to extend the program and add coverage for group life policies and the inclusion of additional coverage for Nuclear, Biological, Chemical and Radiological incidents.
“Terrorist acts are aimed at our people and our economy, and while the insurance markets are adjusting to a new reality, they still need this important backstop. Americans who work in the buildings and facilities that are potential targets for violence deserve our support and protection.
“I applaud the work of the Democrats on the Financial Services committee who have led this effort, including Reps. Frank, Kanjorski, Capuano, Israel, Crowley and Bean. I support this bipartisan compromise solution and urge the Senate to adopt the House bill as quickly as possible.”