[Congressional Record Volume 165, Number 184 (Monday, November 18, 2019)]
[House]
[Pages H8932-H8937]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




      TERRORISM RISK INSURANCE PROGRAM REAUTHORIZATION ACT OF 2019

  Ms. WATERS. Mr. Speaker, I move to suspend the rules and pass the 
bill (H.R. 4634) to reauthorize the Terrorism Risk Insurance Act of 
2002, and for other purposes, as amended.
  The Clerk read the title of the bill.
  The text of the bill is as follows:

                               H.R. 4634

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``Terrorism Risk Insurance 
     Program Reauthorization Act of 2019''.

     SEC. 2. 7-YEAR EXTENSION OF TERRORISM RISK INSURANCE PROGRAM.

       (a) Termination Date.--Section 108(a) of the Terrorism Risk 
     Insurance Act of 2002 (15 U.S.C. 6701 note) is amended by 
     striking ``2020'' and inserting ``2027''.
       (b) Timing of Mandatory Recoupment.--Section 
     103(e)(7)(E)(i) of the Terrorism Risk Insurance Act of 2002 
     (15 U.S.C. 6701 note) is amended--
       (1) in subclause (I)--
       (A) by striking ``2017'' and inserting ``2022''; and
       (B) by striking ``2019'' and inserting ``2024'';
       (2) in subclause (II)--
       (A) by striking ``2018'' and inserting ``2023'';
       (B) by striking ``2019'' and inserting ``2024''; and
       (C) by striking ``2024'' and inserting ``2029''; and
       (3) in subclause (III)--
       (A) by striking ``2019'' and inserting ``2024''; and

[[Page H8933]]

       (B) by striking ``2024'' and inserting ``2029''.
       (c) Ongoing Reports Regarding Market Conditions for 
     Terrorism Risk Insurance.--Paragraph (2) of section 104(h) of 
     the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 
     note) is amended--
       (1) by redesignating subparagraphs (B) through (E) as 
     subparagraphs (C) through (F), respectively; and
       (2) by inserting after subparagraph (A) the following new 
     subparagraph:
       ``(B) an evaluation of the availability and affordability 
     of terrorism risk insurance, which shall include an analysis 
     of such availability and affordability specifically for 
     places of worship;''.
       (d) Study and Report on Cyber Terrorism.--Not later than 
     the expiration of the 180-day period beginning on the date of 
     the enactment of this Act, the Comptroller General of the 
     United States shall conduct a study and report to the 
     Committee on Financial Services of the House of 
     Representatives and the Committee on Banking, Housing, and 
     Urban Affairs of the Senate, which shall--
       (1) analyze and address--
       (A) overall vulnerabilities and potential costs of cyber 
     attacks to the United States public and private 
     infrastructure that could result in physical or digital 
     damage;
       (B) whether State-defined cyber liability under a property 
     and casualty line of insurance is adequate coverage for an 
     act of cyber terrorism;
       (C) whether such risks can be adequately priced by the 
     private market; and
       (D) whether the current risk-share system under the 
     Terrorism Risk Insurance Act of 2002 is appropriate for a 
     cyber terrorism event; and
       (2) set forth recommendations on how the Congress could 
     amend such Act to meet the next generation of cyber threats.

     SEC. 3. DETERMINATION OF BUDGETARY EFFECTS.

       The budgetary effects of this Act, for the purpose of 
     complying with the Statutory Pay-As-You-Go-Act of 2010, shall 
     be determined by reference to the latest statement titled 
     ``Budgetary Effects of PAYGO Legislation'' for this Act, 
     submitted for printing in the Congressional Record by the 
     Chairman of the House Budget Committee, provided that such 
     statement has been submitted prior to the vote on passage.

  The SPEAKER pro tempore. Pursuant to the rule, the gentlewoman from 
California (Ms. Waters) and the gentleman from North Carolina (Mr. 
McHenry) each will control 20 minutes.
  The Chair recognizes the gentlewoman from California.


                             General Leave

  Ms. WATERS. Mr. Speaker, I ask unanimous consent that all Members may 
have 5 legislative days within which to revise and extend their remarks 
on this legislation and to insert extraneous material thereon.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentlewoman from California?
  There was no objection.
  Ms. WATERS. Mr. Speaker, I yield myself such time as I may consume.
  Mr. Speaker, I am very pleased that we are considering H.R. 4634 to 
reauthorize the Terrorism Risk Insurance Act, or TRIA, for 7 years. 
This is a bipartisan bill that passed unanimously out of our committee.
  I would like to thank Chairwoman Maloney, Chairman Clay, and Chairman 
Cleaver for their efforts to bring this bill to the floor today. I 
would also like to thank Ranking Member McHenry for working with me to 
ensure the availability of affordable terrorism risk insurance coverage 
across our country for small businesses, nonprofit organizations, 
hospitals, and educational institutions to name just a few of the 
entities that rely on this Federal program.
  The Terrorism Risk Insurance Act was enacted in the aftermath of the 
tragic September 11 terrorist attacks, which resulted in the largest 
insured losses on record from a nonnatural event. Insurance and 
reinsurance companies reeled from the losses, and terrorism risk 
insurance became unavailable or extremely expensive, complicating the 
recovery efforts due to the importance of insurance in many business 
transactions.
  Congress passed TRIA to ensure that the terrorism risk insurance 
coverage would remain available and affordable, and since that time, 
the program has been effective at doing just that. Treasury data show 
the program has been successful with nearly 80 percent of all TRIA-
eligible policies, including terrorism risk coverage, and policyholders 
paying an average of only 2.5 percent of their total premiums for 
terrorism risk coverage. Treasury data also demonstrates that TRIA is 
important across America and not just in densely populated urban areas. 
In fact, the take-up rate is higher in the Midwest than it is in the 
northeast.
  This bill is supported by a broad coalition of over 300 
organizations, including the American Property Casualty Insurance 
Association, the Reinsurance Association of America, the U.S. Chamber 
of Commerce, and the American Bankers Association.
  I understand that the Senate Banking Committee is considering 
identical legislation this week, and I hope that we can act quickly to 
get this bill signed into law. I would urge all my colleagues to 
support this important legislation.
  Mr. Speaker, I reserve the balance of my time.
  Mr. McHENRY. Mr. Speaker, I yield myself such time as I may consume.
  Mr. Speaker, today I rise in support of H.R. 4634, the Terrorism Risk 
Insurance Program Reauthorization Act of 2019.
  For the last 17 years, TRIA has provided an important Federal 
backstop for businesses that insure against the large-scale devastation 
caused by terrorist attacks. This Federal backstop provides much needed 
stability for the private terrorism risk insurance market, ensuring 
that small and large businesses alike have access to affordable 
coverage.
  Without Federal involvement, the private market cannot adequately 
price for this type of risk, causing insurers to exit the market, and 
leaving businesses without coverage. That would be a market failure, 
and it necessitates us acting in order to ensure that that market 
failure does not persist. That is why we have this important program.
  That bipartisanship continues today with Democrats and Republicans 
alike agreeing on the need to reauthorize the TRIA program for an 
additional 7 years. This long-term extension will give certainty to 
insurance markets, businesses and the broader American economy. A wide 
range of businesses have come to rely on the protections included in 
this act.
  From real estate to manufacturing to entertainment, H.R. 4634 will 
help these companies insure against acts of terrorism. In addition, the 
bill takes the first step in understanding how the TRIA program can be 
modernized to meet the advances made by our adversaries in the 21st 
century.
  When we began our bipartisan conversations regarding the TRIA 
reauthorization, I emphasized the need to study how this program would 
react in the aftermath of a wide-scale cyberattack. We generally know 
what the threats are broadly, but how the threats will evolve over the 
next 7 years we need to know. What we do know is that America's public 
and private infrastructure is currently under attack every single day. 
And so we want to make sure that we are broadly set for this next 
generation of attack.

  In the aftermath of 9/11, insurance companies and policymakers 
quickly became aware of the hidden risks that acts of terrorism could 
pose to their balance sheets. It was a hidden risk then. Insurers also 
realized that they would be unable to adequately price this risk, 
spurring the need for Federal assistance.
  What I am concerned about is this: I am concerned a large-scale 
cyberattack could pose these same hidden risks to insurers and to the 
market, since we don't fully understand the effects of a large-scale 
cyberattack and how that would play out today.
  Moreover, the digital capabilities of our adversaries only continue 
to grow. Just look at Russia. In 2015, a Russian cyberattack shut down 
Ukraine's power grid for as long as 6 hours. If it is not Russia, it is 
China, Iran, North Korea. State sponsors of terror want to cause as 
much damage to the United States as they can. And that is not just the 
government's fear or utilities, it is every part of our economy.
  It is our duty to make sure that this program is adaptable to respond 
to any event that could become a reality.
  I appreciate Chairwoman Waters agreeing to this additional language 
in the bill, as well as her work for a long-term reauthorization. I 
commend her work here to ensure that this is a bipartisan product here 
on the House floor. And from time to time we may not agree, but on this 
important bill we do see eye to eye. So bipartisanship is not always 
dead here in Washington.
  I believe this bill, when enacted, will give our economy certainty 
and will

[[Page H8934]]

show that we can respond to threats and we can talk across the aisle 
and come to rational conclusions.

                              {time}  1800

  Mr. Speaker, again, I thank Chairwoman Waters for engaging in this 
bipartisan, collaborative process to reauthorize this important 
program.
  I am also glad to know the Senate will be marking up a similar 
version of the bill this week. That is an encouraging sign. I am 
optimistic it will become law once it goes to the President's desk in 
short order.
  Mr. Speaker, I reserve the balance of my time.
  Ms. WATERS. Mr. Speaker, to the Members, I cannot express how pleased 
I am at the effort that was put together by Mr. McHenry to make this a 
bipartisan bill. I am very appreciative of that.
  Mr. Speaker, I yield 3 minutes to the gentlewoman from New York (Mrs. 
Carolyn B. Maloney), the chairwoman for the Subcommittee on Investor 
Protection, Entrepreneurship, and Capital Markets.
  Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, I thank the 
gentlewoman for yielding and for her leadership on this issue.
  Mr. Speaker, I rise in strong support of H.R. 4634, which would 
reauthorize the Terrorism Risk Insurance Act, or TRIA, for 7 years.
  Mr. Speaker, I thank Chairwoman Waters and Ranking Member McHenry for 
working together to reach a compromise on this critically important 
bill that can get broad bipartisan support. I also thank my colleagues, 
Congressmen Clay and Cleaver, for holding field hearings and for their 
tremendous support.
  This issue is deeply personal to me because I represent New York 
City, and I remember all too well the terrorist attack of 9/11. After 
that terrible attack, the market for terrorism insurance completely 
shut down. Without terrorism insurance, all construction stopped, and 
thousands of jobs were lost. We could not insure anything.
  In response, Congress came together in a bipartisan way and passed 
the Terrorism Risk Insurance Act, which provides a government backstop 
for terrorism insurance. The goal of TRIA was to make terrorism 
insurance both available and affordable. That is exactly what has 
happened because of this bill, and all of this has come at no cost, not 
one cost whatsoever, to our taxpayers.
  This bill would reauthorize TRIA for 7 years without any changes to 
the underlying program. I am pleased that there is broad agreement that 
the program doesn't need any additional changes.
  Mr. Speaker, I include in the Record a letter with a listing of over 
300 major business leaders from every State in our country that are 
supporting this important legislation.

                                               September 17, 2019.
       To the Members of the United States Congress: The 
     undersigned organizations, representing a wide variety of 
     business interests, urge Congress to work swiftly to pass a 
     long-term reauthorization of the Terrorism Risk Insurance Act 
     (TRIA) which is currently set to expire at the end of 2020.
       The tragic terrorist attacks on September 11, 2001, 
     fundamentally changed the landscape for insuring against the 
     risk of terrorism in the United States. Struck with an 
     inability to model frequency, location, and the potentially 
     devastating scale of modern terrorism, insurers were forced 
     to pull out of the marketplace, and in the months following 
     the attacks, the inability of insurance policyholders to 
     secure terrorism risk insurance contributed to a paralysis in 
     the economy, especially in the construction, travel and 
     tourism, and real estate finance sectors.
       Since its initial enactment in 2002, TRIA has served as a 
     vital public-private risk sharing mechanism, ensuring that 
     private terrorism risk insurance coverage remains available 
     to commercial businesses, educational institutions and non-
     profit organizations at virtually no cost to the taxpayer. 
     According to a 2019 Marsh study, the education, media, 
     financial institutions, real estate, hospitality and gaming, 
     and health care sectors had the highest `take-up' rates among 
     the 17 industry segments surveyed--all above 70%. TRIA 
     fosters certainty in the marketplace and allows all of these 
     interconnected elements of the economy to continue to move 
     forward.
       In 2018, the Treasury Department reported that ``the 
     Program has made terrorism risk insurance available and 
     affordable in the United States, and the market for terrorism 
     risk insurance has been relatively stable for the past 
     decade.'' Absent TRIA, there is not sufficient insurance and 
     reinsurance capital available to provide comprehensive 
     terrorism coverage to U.S. insurance buyers.
       To this end, the undersigned organizations urge Congress to 
     promptly enact a ``clean'' long-term extension of this vital 
     program. Previous reforms to the program have minimized 
     taxpayer exposure making further reforms unnecessary. In 
     fact, the key ``dials'' are already effectively indexed to 
     premium growth at both the company and industry level, and 
     the federal share will continue to decrease in future years 
     even if Congress makes no changes to the program beyond a 
     simple change of the expiration date.
       Making changes to the TRIA mechanism to increase insurer 
     retentions could affect the ability of many insurers, 
     particularly smaller and mid-sized companies, to write risks 
     or markets altogether, which ultimately impacts the ability 
     of policyholders to secure adequate coverage. Maintaining a 
     workable federal terrorism insurance mechanism is vital for 
     our nation's economic security, and without adequate 
     coverage, our ability to mitigate further economic fallout in 
     the event of an attack would be greatly impaired. There is no 
     homeland security without economic security.
       The American business community remembers all too well the 
     twelve-day lapse in the program in early 2015 and the 
     disruption that lapse played in a variety of markets. We urge 
     Congress to help provide much needed certainty by passing a 
     long-term reauthorization of this important program without 
     delay.
           Sincerely,
       A.I.M. Mutual Insurance Companies, ACIG Insurance Company, 
     Alliance Security, Allianz Global Corporate & Specialty, 
     American Association of Port Authorities, American Bankers 
     Association, American Council of Engineering Companies, 
     American Council on Education, American Family Insurance, 
     American Gaming Association, American Property Casualty 
     Insurance Association, American Public Power Association, 
     American Resort Development Association, American Short Line 
     and Regional Railroad Association, Anderson Area Chamber of 
     Commerce, Aon, Apache Junction Chamber of Commerce and 
     Visitor Center, ARCTRUST.
       Argo Group, Arrow Mutual Liability Insurance Company, 
     Associated General Contractors of America, Associated Wire 
     Rope Fabricators, Association of American Railroads, Atlantic 
     Charter Insurance Company, AvalonBay Communites Inc., AXA XL, 
     Ballard Spahr LLP, Barron Mutual Insurance Company, Barton 
     Mutual Insurance Company, Beacon Capital Partners, LLC, 
     Beaver Creek Mutual Insurance Company, Benton Mutual 
     Insurance Association, Black Hawk Mutual Insurance Company, 
     Bloomfield Mutual Insurance Company, Boise Metro Chamber, 
     Bolingbrook Area Chamber of Commerce, Boston Properties.
       Bradford Victor-Adams Mutual Insurance Company, Bremer 
     Mutual Insurance Association, Broad Reach Retail Partners, 
     LLC, Brookfield Properties, Broome Co-operative Insurance 
     Company, Brotherhood Mutual Insurance Company, Buckeye Valley 
     Chamber of Commerce, Bucksbaum Properties, Builders Mutual 
     Insurance Company, California Association of Boutique & 
     Breakfast Inns, California Hotel & Lodging Association, 
     Camarillo Chamber of Commerce, CapSpecialty, CCIM Institute, 
     Celina Mutual Insurance Company, Central Illinois Mutual 
     Insurance Company, Century Mutual Insurance Association, 
     Chautauqua Patrons Insurance Company.
       Chester County Chamber, Chubb, CM Group, CNA Financial, 
     Coalition to Insure Against Terrorism (CIAT), Columbia 
     Insurance Group, Community Associations Institute, Community 
     Insurance Company, Co-operative Insurance Companies, 
     Corporate Office Properties Trust, Cousins Properties, 
     Decatur Chamber of Commerce, CRE Finance Council, CSX, 
     Cumberland Mutual Fire Insurance Company, CUNA Mutual Group, 
     Cushman & Wakefield Inc., Davis Chamber of Commerce.
       Donahue Schriber Realty Group, Draper Area Chamber of 
     Commerce, Dundee Mutual Insurance Company, Dunham & Chemung 
     Mutual Insurance Company, East Tennessee Mutual Insurance 
     Company, Eastern Iowa Mutual Insurance Association, EastGroup 
     Properties, Edison Electric Institute, Edwardsville/Glen 
     Carbon Chamber of Commerce, El Centro Chamber of Commerce, El 
     Dorado County Chamber of Commerce, Electric Insurance 
     Company, Erie Insurance, Essex Property Trust, Inc., Extra 
     Space Storage, Falls City Mutual Insurance Company Inc. 
     Farmers Home Fire Insurance Company of West Virginia, Inc., 
     Farmers Home Insurance Company, Farmers Insurance Company of 
     Flemington, Farmers Mutual Fire Insurance Company of Marble.
       Farmers Mutual Insurance Company, Farmers Mutual Insurance 
     Company Manchester, Farmers Pioneer Mutual Insurance Company, 
     Farmers Protective Mutual Insurance Company, Farmers Union 
     Mutual Insurance Company (AR), Farmers Union Mutual Insurance 
     Company (ND), Farmers' and Mechanics' Mutual Insurance 
     Company, Farmland Partners Inc., First Maxfield Mutual 
     Insurance Association, Food Marketing Institute, Foodservice 
     Equipment Distributors Association (FEDA), Forreston Mutual 
     Insurance Company, Forward Mutual Insurance Company, 
     Frankenmuth Mutual Insurance Company, Frederick Mutual 
     Insurance Company, Gallagher Real Estate & Hospitality 
     Services, General Reinsurance Corporation, German-American 
     Farm Mutual Insurance Company, Gilroy Chamber of Commerce, 
     Governmental Interinsurance Exchange.

[[Page H8935]]

       Grange Insurance, Great American Insurance Group, Greater 
     Boca Raton Chamber of Commerce, Greater Coachella Valley 
     Chamber of Commerce, Greater Conejo Valley Chamber of 
     Commerce, Greater Flagstaff Chamber of Commerce, Greater New 
     York Mutual Insurance Company, Greater Phoenix Chamber of 
     Commerce, Greater Springfield Chamber of Commerce, Greater 
     Yakima Chamber of Commerce, Grinnell Mutual Reinsurance 
     Company, Hamel Mutual Insurance Company, Hamlet Mutual 
     Insurance Company, Hanover Area Chamber of Commerce, Harding 
     & Perkins Farm Mutual Insurance Company, Harford Mutual 
     Insurance Company, Hawaii Employers Mutual Insurance Company, 
     Heritage Mutual Insurance Association, Hilton, Hochheim 
     Prairie Farm Mutual Insurance Association, Horse Prairie 
     Mutual Insurance Company, Host Hotels & Resorts.
       Hotel Association of Los Angeles, Household & Commercial 
     Products Association, Hueneme Chamber of Commerce, Humboldt 
     Mutual Insurance Association, Hutensky Capital Partners, 
     International Council of Shopping Centers (ICSC), IFG 
     Companies, Illinois Association of Mutual Insurance 
     Companies, Illinois Chamber of Commerce, IMT Insurance 
     Company, Independence Realty Trust, Independent Insurance 
     Agents & Brokers of America, Indiana Chamber of Commerce, 
     Innovative Signal Analysis, International Franchise 
     Association, International Speedway Corporation, 
     International Safety Equipment Association, Island Insurance 
     Companies, Jo Daviess Mutual Insurance Company, Kane County 
     Mutual Insurance Company.
       Kilroy Realty Corporation, Kite Realty, Lake Havasu Area 
     Chamber of Commerce, Lamar Advertising Company, Lansing 
     Regional Chamber of Commerce, LaPrairie Mutual Insurance 
     Company, Laredo Chamber of Commerce, Las Vegas Metro Chamber 
     of Commerce, Lexington Chamber of Commerce, Liberty Mutual 
     Insurance, Liberty Property Trust, Lincoln City Chamber of 
     Commerce, Lititz Mutual Insurance Company, Livingston Mutual 
     Insurance Company, Lloyd's of London, Lodi Chamber of 
     Commerce, Loews Hotels & Co, Long Beach Area Chamber of 
     Commerce, Long Beach Hospitality Alliance, Los Angeles Area 
     Chamber of Commerce.
       Lubbock Chamber of Commerce, LWD Inc., Major League 
     Baseball (MLB), Marana Chamber of Commerce, Marriott 
     International, Marshalltown Area Chamber of Commerce, Medical 
     Properties Trust, Inc., Mendota Mutual Insurance Company, 
     Mennonite Mutual Insurance Company, Merchants Mutual 
     Insurance Company, Mesa Chamber of Commerce, MetLife, MFS 
     Mutual Insurance Company, MGM Resorts International, Mid-
     State Farmers Mutual Insurance Company, Millers Mutual Group, 
     Monmouth Real Estate Investment Corporation, Mortgage Bankers 
     Association, Mound Prairie Mutual Insurance Company, Mower 
     County Farmers Mutual Insurance Company.
       MS & AD Insurance Group, Munich Reinsurance America, Inc., 
     Muscatine Mutual Insurance Association, Mutual of Indiana 
     Insurance Company, Mutual of Wausau Group, NAMA--The National 
     Automatic Merchandising Association, National Association of 
     Real Estate Investment Trusts (Nareit), National Apartment 
     Association, National Association for Stock Car Auto Racing 
     (NASCAR), National Association of College and University 
     Business Officers (NACUBO), National Association of Home 
     Builders, National Association of Mutual Insurance Companies 
     (NAMIC), National Association of Professional Employer 
     Organizations, National Association of REALTORS, National 
     Association of Surety Bond Producers, National Association of 
     Wholesaler-Distributors, National Black Chamber of Commerce, 
     National Electrical Contractors Association, National Fire & 
     Casualty Company, National Fire & Indemnity Exchange.
       National Hockey League, National Investor Relations 
     Institute, National Multifamily Housing Council, National 
     Restaurant Association, National Retail Federation, National 
     Rural Electric Cooperative Association, National Waste & 
     Recycling Association, Nationwide Mutual Fire Insurance 
     Company, New Prague-Ceska-Louisville Mutual Insurance 
     Company, New Vienna Mutual Insurance Association, Nonprofits 
     Insurance Alliance, Norfolk & Dedham Mutual Fire Insurance 
     Company, North Country Chamber of Commerce, North Orange 
     County Chamber, North Star Mutual Insurance Company, Northern 
     Finnish Mutual Insurance Company, Norwegian Mutual Insurance 
     Association, Nuclear Energy Institute (NEI), Oakwood Mutual 
     Insurance Company, Ohio Mutual Insurance Group.
       OneBeacon Insurance Group, LLC, Orthopaedic Research 
     Society, Oxnard Chamber of Commerce, Palm Desert Area Chamber 
     of Commerce, Park Hotels & Resorts, Partnership for New York 
     City, Pasadena Chamber of Commerce, Patriot Insurance 
     Company, Pella Mutual Insurance Company, Penn Charter Mutual 
     Insurance Company, Penn National Insurance, Pennsylvania 
     Chamber of Business and Industry, Pennsylvania Lumbermens 
     Mutual Insurance Company, Peoples Mutual Insurance 
     Association, Peru Waltham Mutual Insurance, Pharmacists 
     Mutual Insurance Group, Pioneer State Mutual Insurance 
     Company, PMA Companies, Poweshiek Mutual Insurance 
     Association, Prescott Valley Chamber of Commerce.
       Prophetstown Farmers Mutual Insurance Company, Rayonier, 
     Inc., Real Estate Board of New York, Regional Chamber of 
     Commerce--San Gabriel Valley, Reinsurance Association of 
     America, Reno + Sparks Chamber of Commerce, Restoration Risk 
     Retention Group, Inc., Riverton Chamber of Commerce, Rockford 
     Mutual Insurance Company, Rolling Meadows Chamber, Rudin 
     Management Company, Inc., Safety National Casualty Corp., 
     Safety Specialty Insurance Company, San Gabriel Valley 
     Economic Partnership, Schuylkill Chamber of Commerce, Seaview 
     Investors LLC, SeaWorld Parks & Entertainment, SECURA 
     Insurance Companies, Selma and Dallas County Chamber of 
     Commerce and Tourism, Information Seneca, Sigel Mutual 
     Insurance Company.
       Sentry Insurance, Shelbyville Mutual Insurance Company, 
     Shelter Insurance, Shopping Center Interests, LLC, Sierra 
     Vista Area Chamber of Commerce, Securities Industry and 
     Financial Markets Association (SIFMA), Society Insurance, A 
     Mutual Company, South Jordan Chamber of Commerce, Southeast 
     Mutual Insurance Company, Southern Company, Southwest 
     California Legislative Council, Southwest Iowa Mutual 
     Insurance Association, Spirit Realty Capital, Spring Vale 
     Mutual Insurance Company, Starr Companies, Steele Traill 
     County Mutual Insurance Company, Stephenson County Mutual 
     Insurance Company, Sterling Insurance Company, Stirling 
     Properties, LLC, STORE Capital.
       Surprise Regional Chamber of Commerce, Svea Mutual 
     Insurance Company, Sverdrup Mutual Insurance Company, Swiss 
     Re Americas, Tama County Mutual Insurance Association, 
     Taubman Centers, Tenaska, Texas Hospital Insurance Exchange, 
     The Building Owners and Managers Association (BOMA) 
     International, The Chamber of Medford/Jackson County, The 
     Council of Insurance Agents and Brokers, The Durst 
     Organization, The Gray Insurance Company, The Hanover 
     Insurance Company, The Hartford, The Macerich Company, The 
     MEMIC Group, The Philadelphia Contributionship, The Port 
     Authority of New York, New Jersey, The Real Estate 
     Roundtable.
       The Taubman Company, The Travelers Companies, Inc., The 
     Victor Chamber of Commerce, The Walt Disney Company, Torrance 
     Area Chamber of Commerce, Tucson Metro Chamber, Tulsa 
     Regional Chamber, U.S. Chamber of Commerce, U.S. Travel 
     Association, UDR, Inc., UJA-Federation of New York, United 
     Mutual Insurance Company, University Risk Management and 
     Insurance Association, Inc. (URMIA), Upland Mutual Insurance, 
     Inc. Utica First Insurance Company.
       Utica National Insurance Group, Valley Mutual Insurance 
     Association, W.R. Berkley Corporation, Watseka Mutual 
     Insurance Company, Wayne Mutual Insurance Company, Weingarten 
     Realty Investor, Welltower, Inc., Western Iowa Mutual 
     Insurance Association, Western National Mutual Insurance 
     Company, Westfield, Westfield Insurance Company, Westminster 
     American Insurance Company, Wholesale & Specialty Insurance 
     Association, Wisconsin Association of Mutual Insurance 
     Companies, Zurich North America.

  Mrs. CAROLYN B. MALONEY of New York. Mr. Speaker, again, I thank 
Chairwoman Waters for her leadership and Ranking Member McHenry for 
working with us in good faith to come up with a bipartisan compromise.
  This bill is incredibly important to our economy. I support it 
completely.
  Mr. Speaker, I urge my colleagues on both sides of the aisle to 
support this bill.
  Mr. McHENRY. Mr. Speaker, I reserve the balance of my time.
  Ms. WATERS. Mr. Speaker, I yield 3 minutes to the gentleman from New 
York (Mr. Meeks), the chair of our Consumer Protection and Financial 
Institutions Subcommittee.
  Mr. MEEKS. Mr. Speaker, I rise in strong support of H.R. 4634, the 
Terrorism Risk Insurance Program Reauthorization Act of 2019.
  Mr. Speaker, let me take my hat off to Chairwoman Waters and Ranking 
Member McHenry for working closely together to make sure that this is a 
bipartisan bill, bringing us all together in that regard, as well as 
the other chairs of the subcommittees that worked very hard on this 
bill.
  Terrorism risk remains real and present. It is a present risk.
  This is especially true for my beloved city of New York, which 
terrorists seek to target not only for its large population and notable 
landmarks but also because they seek to disrupt the New York capital 
markets, which are the financial nervous system of America and the 
world.
  In October, I had the privilege to participate in a New York Police 
Department counterterrorism unit briefing on the continuing terrorism 
threats to New York City. There have been dozens of foiled plots and a 
handful of realized attacks. We cannot let our guard down.
  TRIA deserves, and in the House has won, broad bipartisan support.

[[Page H8936]]

  Companies and residents of cities and States that are at risk of 
terrorism urgently need Congress to finalize passage of a clean, long-
term reauthorization of TRIA to provide the certainty that they need 
for long-term planning. That is exactly what the chair and ranking 
member have worked so hard to accomplish.
  As we consider this legislation, it is critical to keep in mind that 
terrorism insurance is a covenant in many business and real estate 
loans and contracts. As such, as we saw after the 9/11 attacks on New 
York, any lapse risks triggering defaults or freezing commerce and 
housing markets.
  Capital markets and insurance policies are typically written on long-
term contracts, so new insurance policies are already being written 
today that extend beyond the potential expiration date of the current 
TRIA authorization.
  As we look at the U.S. economy, we must make sure to not allow any 
lapse in TRIA, which could exacerbate a slowdown by freezing funding in 
the real estate market and funding to business and markets considered 
most at risk, such as in New York.
  Mr. Speaker, I close by simply saying, as I started, to the 
chairwoman, who relentlessly worked together with Mr. McHenry to make 
sure that this is a bill that we could work closely together on, 
because this is a bill that benefits all of us in the United States of 
America, that that job is a job well done, and I thank the chair and 
ranking member very much for pulling us together and getting this bill 
across the finish line.
  Mr. McHENRY. Mr. Speaker, I yield as much time as he may consume to 
the gentleman from New York (Mr. Zeldin).
  Mr. ZELDIN. Mr. Speaker, I thank the ranking member and my colleagues 
on both sides of the aisle for their passionate advocacy on behalf of 
this important issue.
  Listening to my colleague,   Gregory Meeks, I will remind everyone, 
as he heads toward the back of the Chamber, I represent the greatest 
congressional district in New York, the First Congressional District of 
New York.
  We as New Yorkers, but really all of us in this Chamber as Americans, 
Republicans and Democrats, have worked together and need to continue to 
work together.
  Ranking Member McHenry has had a great open door for Republicans, to 
hear our feedback and concerns on this important issue, to make sure 
there is not a lapse.
  Mr. Speaker, I am rising in support of H.R. 4634, the Terrorism Risk 
Insurance Program Reauthorization Act of 2019, which builds on our 
continued efforts to keep our promise to the victims of terrorism 
through the Never Forget the Heroes Act, which was signed into law 
earlier this year.
  The U.S. continues to face one of the most challenging threat 
environments, and terrorists will try to find any way to instill fear 
and destroy the American values and way of life that we hold dear, 
love, and cherish.
  For the terrorists, their efforts include destabilizing our financial 
markets and economy.
  We must combat terrorism through every means possible. The Terrorism 
Risk Insurance Act is a critical insurance backstop that provides 
important protections for construction jobs, venues, and regional 
economies across America in the event of a catastrophic terrorist 
attack.
  Failure to reauthorize this program could cause major market 
disruption, which is why I am proud to cosponsor this important 
legislation.
  Mr. Speaker, I urge all of my colleagues to support this bill to 
bolster both our national and economic security. I rise not just as a 
New Yorker but with my colleagues together as Americans.
  Mr. Speaker, I thank the chair and the ranking member for bringing 
this bill to the floor.
  Ms. WATERS. Mr. Speaker, I yield myself such time as I may consume.
  Mr. Speaker, and to the Members, we heard Mr. Meeks a moment ago, and 
we heard from Mrs. Maloney. I can't tell everyone how much time and 
effort they have put into making sure that we get TRIA reauthorized.
  What is interesting about what happened in our committee, aside from 
the fact that Mr. McHenry and I worked well together, we had the East 
and the Midwest working very well together. We had roundtables by Mr. 
Meeks and Mrs. Maloney in New York, and then in Missouri, we had Mr. 
Cleaver and Mr. Clay working together.

  This has been a wonderful opportunity for all of us to work together 
to see to it that we do the right thing as it relates to responding to 
the possibility of terrorism and how we handle that.
  Mr. Speaker, I yield 3 minutes to the gentleman from Missouri (Mr. 
Clay), the chair of the Subcommittee on Housing, Community Development 
and Insurance.
  Mr. CLAY. Mr. Speaker, I thank Chairwoman Waters and Ranking Member 
McHenry for getting us to this day.
  The Terrorism Risk Insurance Program before us this afternoon is one 
of the most important bills in the ongoing fight against terror.
  TRIA helps to support the private market in providing coverage for 
terrorism risks by providing Federal reinsurance in the event of 
catastrophic losses from terrorism. The lack of public data on the 
scope and nature of terrorism risk makes it very difficult for private 
companies to model these risks, and as a result, a Federal backstop is 
important and necessary.
  When businesses in my State of Missouri can purchase terrorism risk 
insurance, it provides confidence, promotes public safety, and 
undergirds the overall economy. TRIA also protects key healthcare and 
research facilities in St. Louis that not only work on lifesaving cures 
but also employ thousands of our constituents.
  Overall, the TRIA program has been extremely successful in ensuring 
economic stability in the post-9/11 environment and has done so at 
virtually no cost to the taxpayer due to its cost-sharing structure.
  In 2019, the threat of terrorism has not abated, and insurers still 
face challenges in underwriting risk with such a high potential loss. 
Without TRIA, many policyholders in Missouri and elsewhere would lose 
terrorism coverage; commercial lending would be significantly 
diminished; and the Federal Government would likely be called upon to 
provide assistance at great cost to taxpayers in the event of an 
attack.
  Mr. Speaker, I urge my colleagues to vote for this critical piece of 
legislation.
  Mr. McHENRY. Mr. Speaker, I yield myself the balance of my time.
  Mr. Speaker, this is a very good bill. This is a constructive 
conversation we have had from the Republicans on the Financial Services 
Committee and the Democrats on the Financial Services Committee.
  This is a priority that Chairwoman Waters set out in our first 
conversation about her agenda for the committee this Congress and an 
area where I offered to be supportive. So I am grateful that we are, in 
this policy set, a year ahead of time. It is a rare circumstance where 
Congress has acted so early on a key reauthorization. It is a rare 
thing, especially given the import of this Terrorism Risk Insurance 
Act.
  We are 1 year ahead of schedule in reporting this bill off the House 
floor, and I expect a wide bipartisan vote, thankfully. I am grateful 
that in the committee markup process, we had great bipartisan support.
  The New York delegation, having experienced 9/11, with four key 
policymakers from the city and the New York metro area, was very active 
in the original construct of this bill.

                              {time}  1815

  Mr. Meeks, Mrs. Maloney, and Ms. Velazquez on the Democrat side, and 
Mr. King on the Republican side, the combination of their expertise and 
also their legislative history, that they were here and helped 
construct the original act that we are reauthorizing now, today, is 
quite helpful. And their experience in the immediate reaction of the 9/
11 terrorist attacks on New York City as well as the Pentagon across 
the street from us, or across the river from us, here, today, and the 
loss in Shanksville, Pennsylvania, that immediate reaction was swift by 
Congress and bipartisan.
  Today, we are carrying on that legacy, and I am grateful for it. I 
think the American people are grateful when we are able to act in that 
accord. This

[[Page H8937]]

is a very good day of bipartisanship that has taken months to bring us 
to this type of conclusion.
  I thank Chairwoman Waters for her willingness. When you are in the 
majority, you have got more votes than the minority. That is obvious 
with being in the majority. It is not all the time that you reach 
across the aisle when you are in the majority; I understand that. But 
in this act, Chairwoman Waters said it is imperative that we work 
together, and we have.
  We have got a good result here today. I think it shows the Financial 
Services Committee, when brought together, can do big and important 
things. This is certainly a big and important thing that will have a 
lasting impact on the American economy.
  We are hopeful that we will never have to use this piece of law in 
response to a terrorist attack; but, if we are, the work that we have 
done on the Financial Services Committee, the expertise that we have 
had on the committee, we believe, means that this act will work in 
response to some cataclysmic event.
  We are hopeful, and we plan to ensure that no further terrorist 
attacks happen or befall our country and our people like happened on 9/
11. However, we are also in the disaster planning business, as well, 
and it is important and imperative that Members of Congress are engaged 
in that.
  So the Financial Services Committee in this House has come to a good 
conclusion on a good piece of law, and we have a very good 
reauthorization. Mr. Speaker, I encourage a ``yes'' vote by all 
Members, and I yield back the balance of my time.
  Ms. WATERS. Mr. Speaker, I yield myself such time as I may consume.
  Mr. Speaker, I am so pleased and so proud that we are on the floor 
today on a bipartisan bill, and I certainly expect the support from 
both sides of the aisle.
  America stands united against terrorism and the hatred and violence 
that it represents, and we are stronger as a country when we take steps 
to ensure that our country can quickly respond to terrorism. By 
reauthorizing TRIA, we are helping to do just that.
  Again, I thank Ranking Member McHenry for working with me on this 
important bill, as well as all of the members on the committee who have 
shown real leadership on this issue. We heard from some of them today, 
particularly Representative Maloney, who has worked for a long time on 
this legislation. This was so important to her.
  Mr. Cleaver, Mr. Clay, and Mr. Meeks have contributed mightily to the 
organizing of this bill, to work on any difficulties that we may have 
had, and I am very pleased about that.
  Once again, I must say to Mr. McHenry, we have shown that it is 
possible. Despite the fact that we may not agree on a lot of other 
things, we came together on this legislation. We agreed, we worked 
together, and we provided leadership and inspiration to others, 
understanding that this was possible.
  Mr. Speaker, I urge my colleagues to join me in supporting this 
important piece of legislation, and I yield back the balance of my 
time.
  The SPEAKER pro tempore. The question is on the motion offered by the 
gentlewoman from California (Ms. Waters) that the House suspend the 
rules and pass the bill, H.R. 4634, as amended.
  The question was taken.
  The SPEAKER pro tempore. In the opinion of the Chair, two-thirds 
being in the affirmative, the ayes have it.
  Ms. WATERS. Mr. Speaker, on that I demand the yeas and nays.
  The yeas and nays were ordered.
  The SPEAKER pro tempore. Pursuant to clause 8 of rule XX, further 
proceedings on this motion will be postponed.

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