[Congressional Record (Bound Edition), Volume 160 (2014), Part 9]
[House]
[Pages 12717-12718]
[From the U.S. Government Publishing Office, www.gpo.gov]




           PASS TERRORISM RISK INSURANCE ACT REAUTHORIZATION

  The SPEAKER pro tempore. The Chair recognizes the gentlewoman from 
Wisconsin (Ms. Moore) for 5 minutes.
  Ms. MOORE. Madam Speaker, I rise in support of a clean Terrorism Risk 
Insurance Act reauthorization. Many of us on the House Financial 
Services Committee have worked on a bipartisan basis. Let me repeat 
that and let me emphasize that. We have worked on a bipartisan basis 
for more than a year to put a bill before this House that can pass. We 
have worked cooperatively because the lessons of 9/11 revealed to us 
the raw exposure that this country faces and our economy faces as 
insurers exited terrorism risk insurance after 9/11.
  But, unfortunately, some other Members are working on a partisan 
basis to derail the terrorism risk insurance program. Now, 
unfortunately, this fringe minority is more interested in promoting 
antigovernment ideology than governing on behalf of the American people 
and securing for Americans a safe harbor in the event of nuclear, 
biological, chemical, or other acts of terrorism. The dysfunction of 
the Tea Party-driven agenda--it thrives on crisis after crisis, whether 
it is flood insurance or the debt ceiling or keeping the government 
open or passing a transportation bill. They just thrive on keeping this 
place in chaos.
  And here we have, once again, some must-pass legislation. Terrorism 
risk insurance has bipartisan consensus, bicameral support, and how 
does the Tea Party-driven leadership in this House respond to the 
attempts to reason with them regarding the urgency of passing a clean 
reauthorization of TRIA without the unworkable triggers and the 
bifurcation provisions? What we get is an arrogant rebuff, channeling 
Dirty Harry: You gotta ask yourself, do you feel lucky?
  Colleagues, this is not instructive. And be clear, colleagues, the 
Tea Party is not just symbolically throwing tea overboard, but their 
antigovernment agenda is again throwing the American economy overboard. 
I mean, we have real world knowledge of what happens if TRIA is not 
reauthorized.
  Following the September 11 attacks, the insurance industry met their 
claims and liabilities related to the attacks, but quickly, reinsurers 
and primary insurers withdrew from terrorism risk insurance. The 
resulting lack of coverage led to the loss of 300,000 jobs as economic 
activity slowed without coverage.
  You hear them say that they want more private capital in the market, 
but their bill has exactly the opposite impact by diminishing market 
capacity. In fact, the RAND Corporation estimates that the terrorism 
risk insurance saves the government and taxpayers money that otherwise 
would be

[[Page 12718]]

spent on disaster assistance following an attack. In the case of an 
attack as destructive as 9/11, the study estimates TRIA saves the 
Federal Government $7.2 billion.
  At this point, not even the majority of the Republican majority can 
have their voice heard in this House. I just don't understand why this 
House has to be constantly held hostage to a fringe minority of the 
majority that has no interest in governing.
  I can tell you, Madam Speaker, that TRIA is the orderly response to a 
major terrorist attack. Why are we providing confusion, uncertainty, 
and partisanship to helping this country recover in the unthinkable 
event of another successful large-scale terrorist attack?
  I hope that the voice of the American people prevails and a 
bipartisan TRIA bill can be brought swiftly to the floor.

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