[Congressional Record Volume 151, Number 156 (Wednesday, December 7, 2005)]
[Extensions of Remarks]
[Page E2479]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                    THE TERRORISM RISK INSURANCE ACT

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                         HON. LUIS V. GUTIERREZ

                              of illinois

                    in the house of representatives

                      Wednesday, December 7, 2005

  Mr. GUTIERREZ. Mr. Speaker, I am very pleased that we are finally 
considering this crucial Terrorism Risk Insurance Act (TRIA) extension, 
which will provide necessary stability for our Nation's economy in a 
post 9/11 world. I have strongly supported this legislation from the 
outset, and I congratulate Chairman Oxley and Ranking Member Frank for 
their hard work to bring it to the floor. I urge my colleagues to vote 
in favor of this important bill.
  A stable, secure insurance market is vital to the health of our 
national economy. More than 4 years ago, the stability of the insurance 
industry, and all of our Nation's policyholders, were put in jeopardy 
when insurers and reinsurers lost more than $30 billion as a result of 
the 9/11 attacks. After these substantial losses, insurers were unable 
to make terrorism insurance available, which left many of our Nation's 
businesses vulnerable to unacceptable risk.
  In response, Congress overwhelmingly passed TRIA to provide a 
temporary, limited Federal backstop in the event of another 
catastrophic terrorist attack. While we still expect the insurance 
industry to eventually develop methods for making terrorism insurance 
available without government support, the market has not yet stabilized 
to the point where this is possible. Extension of TRIA, which is 
necessary to prevent the chill of development in our cities, has wide, 
bipartisan support, and should be enacted promptly.

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