[Congressional Record Volume 153, Number 195 (Wednesday, December 19, 2007)]
[Extensions of Remarks]
[Page E2640]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




      TERRORISM RISK INSURANCE PROGRAM REAUTHORIZATION ACT OF 2007

                                 ______
                                 

                               speech of

                        HON. MICHAEL E. CAPUANO

                            of massachusetts

                    in the house of representatives

                       Tuesday, December 18, 2007

  Mr. CAPUANO. Mr. Speaker, after the 9/11 terrorist attacks, many 
insurance companies excluded terrorism events from their insurance 
policies, leaving businesses vulnerable to the threat of future 
terrorist attacks. In response, Congress passed the Terrorism Risk 
Insurance Act, TRIA, in 2002 and extended it in 2005 to create a 
federal backstop to protect against terrorism related losses.
  As a result, TRIA has helped make terrorism insurance available and 
affordable to businesses, particularly those in our major urban areas. 
If TRIA were allowed to expire at the end of this month, many major 
development projects across the country would come to a halt, putting 
many jobs and economic development opportunities at risk.
  Although I am disappointed that the stronger House version of this 
legislation did not get enacted, I urge my colleagues to support H.R. 
2761 so that this important program will continue for years to come.

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