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WASHINGTON, DC – House Majority Leader Steny H. Hoyer (MD) released the following statement today after the House passed the Terrorism Risk Insurance Revision and Extension Act on a bipartisan vote of 312 to 110:
“This very important legislation strikes a critical balance between the responsibilities of private insurers and the federal government in the event of a catastrophic terrorist attack on our nation.
“In fact, this legislation recognizes that our nation’s best interests are served when our federal government serves as a backstop for private insurers in the event of a terrorist attack. This legislation will help stabilize our economy if a national crisis does occur, will spur commercial development and will help prevent an industry-wide catastrophe in the event of a terrorist attack.
“All of us recognize that our entire nation was the object of the terrorist attacks on September 11, 2001, and as a result the risk of terrorism should be dealt with at the national level not solely the private insurance markets.
“Specifically, this bill authorizes TRIA for 15 years, covers both domestic and foreign terrorism, and includes acts of nuclear, biological, chemical and radiological terrorism. In addition, the bill adds group life insurance to the types of insurance for which terrorism coverage must be made available by insurers.
“I am pleased that we were able to pass this important legislation – which affects our national security and ability to address a crisis – in a bipartisan manner. Frankly, some of the arguments made against this bill seem strained, and based upon an unwillingness to recognize the role of the federal government if an act of terrorism occurs.”